Dogecoin price shows a W pattern formation of the three-day chart and hints at a bullish future. However, DOGE holders have already suffered a loss after the dog-themed crypto failed to pump on April 20 (420).
Also read: Should you buy PEPE, DOGE, SHIB and other meme coins before April 20? Will Elon Musk come through?
Dogecoin price has formed W or a double bottom, which forecasts a bullish outlook for DOGE holders under certain conditions. This technical formation for DOGE contains two distinctive lows set up between May 7 and April 23. The three swing highs of these peaks can be connected using a horizontal trend line to form a neckline at $0.1277.
A decisive three-day candlestick close above this level will confirm a breakout of Dogecoin price from the W pattern. In such a case, the double bottom setup forecasts a 48% upswing to $0.1898, obtained by adding the distance between the second peak and the valley to the breakout point at $0.1277.
But Dogecoin price will need to face and overcome the $0.0965 hurdle to kick-start the larger outlook. Beyond $0.1277, DOGE could pause its rally around another critical resistance level at $0.1624.
DOGE/USDT 3-day chart
While Dogecoin price seems ready for an uptrend, a nosedive in Bitcoin price could negatively impact this setup for DOGE. In such a case, a breakdown of the $0.0686 level will create a lower low and invalidate the bullish thesis.
This development could see Dogecoin price revisit the $0.0686 support floor.
Read more: I bought $200 meme coins, so you don’t have to, here’s how my shitcoin bag of PEPE, WOJAK and KERMIT is doing
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