Dogecoin traded near $0.0905 on Thursday, hovering around its 24-hour high amid growing anticipation of a possible breakout. Traders monitored the memecoin closely after its price firmed up following a steady rebound from support near $0.07 to $0.075. The coin’s performance has placed its next major technical milestone within reach.
Cup and handle setup approaches crucial resistance
Technical analyst Trader Tardigrade identified a potential cup and handle pattern emerging on Dogecoin’s 12-hour chart. This formation is typically seen as a bullish continuation pattern, signaling that accumulation may be forming a base for renewed upward movement if resistance breaks.
The rounded curve of the “cup” suggests a gradual price recovery toward prior resistance following a period of support. The “handle” indicates a phase of consolidation within a narrower price band, reflecting reduced volatility just below that resistance level.
Trader Tardigrade stated that while the pattern is visible, confirmation awaits. A clear daily or 12-hour close above the handle’s trendline, backed by strong trading volume, would serve as the initial validation. Sustained activity above the resistance could further support breakout potential.
A potential cup and handle structure has formed on Dogecoin’s chart. The cup signals accumulation and the tight handle shows consolidation under resistance as volatility contracts near the pattern’s top. A clean breakout above the handle could target the $0.10 region.
DOGE’s 24-hour trading range extended from $0.08808 to $0.09159, with the coin lingering around the upper boundary. Breaking above the $0.09159 resistance would be a key test for bullish traders, who continue to watch for confirmation.
If the breakout is short-lived and buyers fail to maintain momentum, the movement risks becoming a false signal. As a result, traders have placed additional emphasis on both the closing price and trading volume for confirmation.
Momentum indicators support buyer strength
Dogecoin’s daily chart has shown improved momentum. After recovering from summer lows, the price returned above $0.09, reversing some earlier selling pressure. Several resistance hurdles remain ahead, yet technical signals have turned more constructive.
On Thursday, the daily Moving Average Convergence Divergence (MACD) line hovered near 0.00340, while the signal line was slightly lower at 0.00323. The MACD histogram remained marginally positive. This configuration indicates a modest advantage for buyers in the short term.
The daily Relative Strength Index (RSI), a gauge of buying versus selling momentum, measured approximately 62.8, with its moving average at 59.9. An RSI above 50 highlights buying strength, while DOGE currently sits below the commonly watched overbought threshold of 70.
Continued momentum will hinge on Dogecoin holding support around its current level and eventually overcoming overhead resistance.
Key support and resistance levels for DOGE
Market data from CoinGecko indicated that the initial support zone holds near $0.09, with nearby support at $0.08808. A broader base spans the area between $0.085 and $0.088. A further drop could open the path down to $0.08 or even $0.07–$0.075, which previously attracted buying interest during deeper corrections.
A significant upward move would require DOGE to breach $0.09159, then target resistance at $0.095. The psychologically important $0.10 level is viewed as a major short-term objective, likely requiring elevated volume to confirm a breakout.
If Dogecoin surpasses $0.10, the next upside targets are $0.1101 and higher chart levels including $0.12, $0.125, and $0.143. As of Thursday, the memecoin traded in a tight range between support and resistance, poised for a decisive move.
Mini dictionary: CoinGecko, founded in 2014, is a cryptocurrency data aggregator that tracks price, volume, and market capitalization for thousands of coins. It is widely used by traders and analysts to monitor digital asset performance in real time.
| Support/Resistance | Price Level (USD) |
|---|---|
| Support 1 | 0.08808 |
| Support 2 | 0.085–0.088 |
| Support 3 | 0.07–0.075 |
| Resistance 1 | 0.09159 |
| Resistance 2 | 0.095 |
| Resistance 3 | 0.10 (psychological) |
| Resistance 4 | 0.1101 |
