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Dogecoin Forms Diamond Bottom as Analysts Eye Breakout to $0.35
By: cryptofrontnews|2025/05/08 11:30:02
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Dogecoin forms rare Diamond Bottom, signaling a potential bullish reversal from recent downtrend.Technical support at $0.165–$0.17 remains crucial as analysts target a breakout toward $0.35.Rising holding time and whale accumulation suggest strong investor confidence ahead of ETF news.Dogecoin's daily chart appears to be forming a "Diamond Bottom" Reversal Pattern, suggesting a potential shift for $DOGE from a recent downtrend to an uptrend. This pattern, often observed during market transitions, is supported by technical signals and market data that indicate a possible breakout from consolidation.Technical Analysts Spot Diamond Bottom FormationAccording to analysis prepared by Trader Tardigrade, Dogecoin’s price structure on the daily chart is forming a rare diamond bottom pattern. This pattern typically suggests a bullish reversal after a prolonged downtrend. The breakout range is estimated between $0.165 and $0.17.https://twitter.com/TATrader_Alan/status/1919755043605250072Trader Tardigrade also shared that if the breakout occurs, the price could rise by over 105%, targeting a move towards $0.35. On the same chart, a green arrow suggests a potential extension beyond this level. The Price Momentum Oscillator (PMO) has recorded a bullish crossover. This development, paired with increasing holding time from investors, may support further gains if the price holds above support levels.Source :Ali Charts(X)Another analyst, Ali Charts, noted Dogecoin is testing support at $0.167. He stated, “Holding this level could spark a rebound toward $0.175 and potentially $0.183.” Both analysts emphasized that staying above $0.165 is essential for the bullish structure to stay valid.Market Conditions and Investor Behavior Show SupportDogecoin has shown price strength since rebounding from $0.14 earlier in April. It is now trading near $0.169. According to an observation by MasterAnanda, Dogecoin’s chart shows repeating patterns of previous cycles that preceded strong upward moves.Source :MasterAnanda(X)On-chain data from IntoTheBlock shows average holding time has increased by over 526% in the last 90 days. This suggests reduced short-term selling pressure and growing long-term investor interest. Also, whale activity has increased, with over 100 million DOGE moved to a private wallet recently. Analysts estimate ETF approval could push DOGE prices between $0.34 and $0.50. This aligns with the upper breakout levels seen in current technical setups.The post Dogecoin Forms Diamond Bottom as Analysts Eye Breakout to $0.35 appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
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