Dogecoin Breaks Out of Bullish Cup-and-Handle Pattern, Eyes 30% Rally
Dogecoin has made a significant comeback in recent weeks, breaking out of a bullish cup-and-handle pattern and potentially setting up for another 30% rally. The breakout points to a move toward $0.128, roughly 30% above current levels.
The cup-and-handle pattern formed on Dogecoin's daily chart since June, with the 'cup' portion forming as DOGE declined from around $0.09-$0.10 in June toward a local bottom near $0.066 before gradually recovering toward its previous highs in August.
DOGE then entered a relatively shallow pullback, trading inside a downward-sloping channel through September, which formed the pattern's 'handle.'
The latest rally has pushed Dogecoin above the handle's upper trendline while simultaneously reclaiming its 200-day exponential moving average (EMA) near $0.093.