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DOGE Dogecoin is trading around US$0.0905, and the shape of the cup handle exceeds expectations and heats up.
On Thursday, the price of Dogecoin remained around US$0.0905, fluctuating around a 24-hour high. The market is full of expectations for its possible breakthrough trend. Previously, Dogecoin steadily rebounded from the support level of US$0.07 to US$0.075. After the price stabilized, traders closely monitored the trend of the memein. The currency's performance puts its next important technological milestone close at hand.
Cup handle shape approaches key resistance level
Technical analyst Trader Tardigrade identified a potential "Cup and Handle shape" on Dogecoin's 12-hour chart. This pattern is often seen as a bullish continuation pattern, indicating that if resistance is breached, the current accumulation may be laying the foundation for a new round of upward movement.
The round curve in the "cup-shaped" part shows that after a period of support consolidation, prices are gradually returning to the previous resistance level. The "handle" shows that prices are entering a consolidation phase within a narrow range, reflecting a decrease in volatility below the resistance level.
Trader Tardigrade pointed out that although this pattern has emerged, it still needs to be confirmed. If it can be clearly closed above the handle trend line on the daily or 12-hour chart accompanied by strong trading volume, it will be a preliminary and effective signal. Continued activity above resistance levels will further support breakthrough potential.
A potential cup handle structure has been formed on the dogcoin chart. The cup-shaped portion shows signs of accumulation, while the tight shank indicates an integration process below the resistance level, with volatility contracting near the top of the pattern. If there is a clean breakthrough at the handle, the target area may point to $0.10.
The 24-hour trading range for Dogecoin extends to US$0.08808 to US$0.09159, with prices hovering near the upper border. Breaking through the $0.09159 resistance level will be a key test for bullish traders who continue to wait for confirmation signals. If the breakthrough is short and buyers fail to maintain momentum, this trend risks becoming a false signal. Therefore, traders place more emphasis on closing prices and trading volumes as confirmation bases.
Momentum indicator supports buyer power
The daily chart of Dogecoin shows improved momentum. After rebounding from summer lows, prices returned above $0.09, reversing some of the early selling pressure. Although there are still a number of resistance checkpoints ahead, technical signals have turned more constructive.
On Thursday, the daily smoothed moving average of similarities and differences (MACD) line hovered around 0.00340, while the signal line was slightly lower at 0.00323. MACD histogram remains weakly positive. This configuration suggests that the buyer has a slight advantage in the short term.
The daily Relative Strength Index (RSI), a measure of buying and selling momentum, is around 62.8, and its moving average is 59.9. An RSI above 50 highlights the power of buyers, while Dogecoin is still below the common overbought threshold of 70.
Continued momentum will depend on whether Dogecoin can hold support near the current level and ultimately overcome resistance above.
Key support and resistance levels for dogcoin
CoinGecko's market data shows that the initial support area is around US$0.09 and the adjacent support level is US$0.08808. The broader bottom area spans between $0.085 and $0.088. Further declines could open a path to $0.08 or even $0.07 - 0.075, which has attracted buying interest in previous deep pullbacks.
To achieve a significant increase, Dogecoin must break through US$0.09159 and then target the resistance level of US$0.095. The psychologically important threshold of $0.10 is seen as the main short-term target and may require increased trading volume to confirm a breakthrough.
If Dogecoin exceeds US$0.10, the next upside target will be US$0.1101 and higher chart levels, including US$0.12, US$0.125 and US$0.143. As of Thursday, the memecoin was trading in a narrow range between support and resistance, ready to make a decisive move.
Glossary: CoinGecko
CoinGecko was founded in 2014 and is a cryptocurrency data aggregation platform that tracks the prices, transaction volumes and market capitalization of thousands of tokens. It is widely used by traders and analysts to monitor the performance of digital assets in real time.
