Dogecoin Price Target Set at $0.23 If Resistance Level Is Broken

Dogecoin is showing signs of a market structure bullish change, with a potential double bottom pattern forming. Breaking through key resistance levels could initiate a bullish phase towards $0.23. Dogecoin ( DOGE ) is on the verge of confirming a double bottom pattern, a classic reversal pattern signaling a continuation of bullish momentum if the resistance neckline is broken. Recent price action shows strong support at $0.15, where multiple successful retests have resulted in bullish rallies. Dogecoin is currently trading at a key resistance zone, and traders are closely monitoring for signs of a breakout surge. Key technical points Double bottom support at $0.15: The low value zone acts as a solid foundation, creating bullish momentum. Resistance at Fibonacci 0.618 and high value zone: Dogecoin is currently testing this confluence resistance level. Potential market structure change: A higher low on POC will confirm the continuation of the bullish trend.

Dogecoin has tested the low price area of $0.15 multiple times in recent weeks, and each retest has led to new buying pressure. This level currently serves as the foundation of the double bottom pattern forming, which, if confirmed by a breakout, would signal a larger bullish reversal. The price action has now surpassed the previous peak, which is an early sign of a market structure change. This breakout has brought Dogecoin to a key resistance area, the Fibonacci retracement level of 0.618 and the high-value zone, a region that previously often served as a reversal point or trigger point for continuation, depending on trading volume and market context. If DOGE faces a short-term rejection here, a pullback to the point of control may occur. This will create an ideal opportunity to form a higher low, an important technical factor of a confirmed trend reversal. Staying above the POC level will signal strength and maintain the bullish trend, keeping the double bottom pattern valid. The double bottom pattern will be activated when Dogecoin breaks through the current resistance zone with strong momentum and a closing candle that pushes. This has not yet occurred, but the price structure and momentum indicate that Dogecoin is preparing for such a move. Monitoring the trading volume in this area will be crucial, as an increase in trading volume will signal the strength of the breakout and confirm the bullish trend. What to Expect in Upcoming Price Action If Dogecoin breaks through the current resistance level and the trading volume increases, a bullish move towards the higher time frame resistance level of $0.23 is likely to occur. However, a correction may also happen before the uptrend continues. As long as the price remains above the control level, the market structure will support the buyers.