Dogecoin Forms Double-Bottom Pattern, Eyes $5 Target

Dogecoin's price has been on the rise after forming a double-bottom pattern on its weekly chart. Analyst Trader Tardigrade pointed out that this structure often indicates buyers are trying to build a floor after a period of weakness.

The double-bottom pattern is not yet confirmed and another short-term drop could still occur before it plays out.

The key level to watch for confirmation is the neckline at $0.40. A break above this point would confirm the double-bottom pattern and potentially open the door towards a longer-term target near $5.

Rising alongside its price, Dogecoin has also gained access to Robinhood's platform in the European Union. This new listing gives EU users another legal option beyond existing platforms.