Dogecoin Forms Bull Pennant On 1-Hour Chart, Heading Towards Breakout Target $0.185

Dogecoin is showing new strength as it trades at $0.1705, with bullish signals forming on lower timeframes. The current structure on the 1-hour chart is forming a bullish flag, following a strong rise. If this pattern confirms with a breakout, traders expect DOGE to reach a short term target of $0.185. The Bull Pennant Structure Forms When Momentum Rises According to the analysis prepared by Trader Tardigrade, a bullish flag has formed on the 1-hour Dogecoin chart. This pattern can be seen after a rise to the sky, followed by price consolidation in a narrowing range.

This structure is supported by declining volume, often consistent with a model before a potential breakout. Traders are watching the range of $0.173 to $0.175 as a breakout point. If DOGE closes above this range, the measured move will set a short term target of $0.185. The recent golden cross on the hourly chart, where the 50-hour moving average crosses above the 200-hour moving average, further supports the bullish structure. Market Structure and Relevant Technical Indicators Dogecoin has recently regained support levels between $0.165 and $0.17 after bouncing up from a low near $0.143 on June 22. This support zone previously preceded a strong bullish breakout in May, making it a point of interest for traders once again. DOGE is currently trading within a wider range from $0.143 to $0.26.

According to PennyBagsCX, "DOGE seems likely to bounce back to the previous local peak of $0.48 in December 2024." The oscillators are trending upwards and support at the 200 EMA has been maintained, reinforcing the bullish case. RSI is also increasing, while MACD shows a crossover with green bars on the chart.

Data from Santiment shows that the z-score MVRV of Dogecoin has decreased to 0.241, indicating undervaluation. The 365-day MDIA has increased to 152, suggesting a longer holding period among investors.