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Dogecoin ($DOGE) has staged a strong breakout after forming a double bottom near key support, surging past $0.26 and leaving earlier rejection zones behind. With the Bollinger Band width now hitting a historically bullish level, $DOGE could be setting the stage for a major surge, targeting a price range between $0.41 and $0.97.
Dogecoin Breaks Out After Double Bottom Formation
In a recent post on X, BitGuru shared an analysis highlighting that $DOGE has made a significant bullish move, breaking out from a classic double bottom chart pattern. This pattern formed near a key support level, signaling a potential reversal from a downtrend to an uptrend.
By surging past the $0.26 mark, $DOGE has confirmed this breakout and is now in a strong position for further gains. This decisive move, which is a critical development, puts previous resistance zones firmly in the rearview mirror.
The market now has a clear signal of continued bullish strength. Presently, momentum is being driven by buyers who have stepped in with enough force to push the price higher, indicating a shift in market sentiment. This sustained interest and upward pressure suggest that $DOGE could be setting up for a more significant rally as it enters a new phase of its market cycle.
Bollinger Band Width Hits Key Orange Level
Based on his analysis of Dogecoin’s weekly chart, X crypto analyst Trader Tardigrade has revealed a compelling pattern related to the Bollinger Band Width (BBW). He notes that in the past, when the BBW for $DOGE has reached a specific “orange level,” the cryptocurrency has gone on to see significant rallies, with price surges ranging from 100% to as much as 378%.
The analyst’s post further highlights a critical development: the BBW has now returned to this very same “orange level.” Such recurrence suggests that a similar period of high volatility and explosive price movement could be imminent for Dogecoin.
Based on this historical precedent, the analyst has set new price targets for $DOGE. He is now eyeing a potential price range of $0.41 to $0.97 for the token, a forecast directly tied to the historical performance observed when the BBW reaches this key level. This analysis provides a strong bullish case for Dogecoin in the coming weeks and months.
Dogecoin is currently experiencing bullish action, with its price trading around $0.2602, a notable increase of 3.78% over the past 24 hours. $DOGE’s market capitalization stands at $39.29 billion, while its 24-hour trading volume has reached $4.09 billion, reflecting significant market activity and investor interest.
