Dogecoin (DOGE) is currently priced around $0.152, reflecting a 2% increase in the last 24 hours, while it has seen a 5% decline over the past week, as per CoinGecko.

Analysts monitoring the short-term market developments indicate a possible upward shift, supported by favorable technical formations.

Breakout Pattern Suggests Target of $0.179

A recent 4-hour chart shared by Trader Tardigrade displays Dogecoin breaking out of an inverse head-and-shoulders setup. The chart outlines a left shoulder, a lower low creating the head, and a higher low forming the right shoulder, with a downward-sloping neckline linking these highs.

DOGE surged past this neckline in the range of $0.151–$0.153, confirming the breakout pattern. The projected move from this breakout is approximately 18%, positioning the target near $0.179. The neckline is now acting as support, maintaining the validity of the pattern as long as prices remain above it.

Trader Tardigrade on Twitter: “The inverse head and shoulders pattern for #Dogecoin just broke out 🔥 Targeting an 18% gain ✍️ View Chart”

After the breakout, Dogecoin retraced and successfully retested the trendline. The asset has subsequently formed higher highs (HH) and higher lows (HL) on the 4-hour chart, indicating bullish control by buyers. If this trend persists, DOGE could push towards the anticipated target, particularly if it remains above its recent HL.

Price Activity Within a Rising Channel

Another graphical representation from Kamran Asghar indicates DOGE’s movement within a rising price channel, consistently trading above the 21-period EMA, which has functioned as dynamic support. Kamran observed:

“Momentum holding above EMA keeps bulls in control.”

The analysis suggests potential movement towards $0.16 if the channel breaks upwards; conversely, a decline below this channel would disrupt the current bullish structure.

Mixed Signals from ETF Launch and Whale Wallets

The recently launched Grayscale’s GDOG ETF, providing exposure to Dogecoin, recorded $1.41 million in volume on its first day but indicated no net inflows. Analyst Eric Balchunas anticipated volumes nearer to $12 million, implying limited demand from institutional investors. Additionally, Bitwise announced today that its own Dogecoin ETF, $BWOW, will commence trading.

Wallet analysis reveals contrasting activities. Reports indicate that wallets holding 10 million to 100 million DOGE reduced their holdings by about 7 billion coins, decreasing from over 24 billion to 17.17 billion in a month during DOGE’s price drop from $0.27 to $0.143. In contrast, wallets possessing 100 million to 1 billion DOGE increased their holdings with an addition of approximately 4.72 billion coins, valued at nearly $770 million. This juxtaposition highlights differing strategies among large holders."