Dogecoin (DOGE) is currently priced at $0.21, experiencing an increase of 11% in the previous 24 hours. This surge comes after the price recently dipped to around $0.18. The total trading volume during this time has reached $5.14 billion.

Despite this rebound, DOGE is still facing a 17% decline over the last week. Traders are closely monitoring the charts as various technical signals begin to change.

Bullish MACD Shows Strength

On the 4-hour chart, Dogecoin has exhibited a bullish MACD crossover, as noted by Trader Tardigrade. The MACD line is now above the signal line, showing green histogram bars, indicating a potential shift in momentum. Such a crossover typically signifies a reduction in selling pressure.

Bullish MACD

Bounce from around $0.18 signifies stability with the price holding at above $0.21. Though it has yet to hit last week’s peak of roughly $0.27, current trends indicate a resurgence in momentum.

Bullish Pennant Formation

Trader Tardigrade has pinpointed a bullish pennant on the 4-hour chart—a pattern that develops following a swift upward movement, characterized by tighter price action between two converging lines. This pattern usually serves as a prelude to further continuation of the previous trend.

Learn more about the $Doge trading patterns. Trader Tardigrade noted the appearance of this pennant pattern, suggesting a bullish trend may be ahead.

In summary, DOGE’s price near $0.21 suggests that a breakout beyond this pennant could propel it above $0.22. However, should the price fail to maintain sufficient support, the bullish pattern may be voided.

Potential for Major Gains

An analysis from Trader Tardigrade indicates that DOGE might replicate earlier rally structures, hinting at potential growth exceeding 870%, edging it closer to the $1 mark based on historical support levels.

Historical Patterns

Source: Trader Tardigrade/X