The price of Dogecoin has been consolidating between $0.16 and $0.18 for some days now as it seeks to break the ongoing bearish structure. The reversal could be getting closer, as revealed by analyst CryptoELITES in a post on X
This chart presented by the crypto analyst shows a parabolic cup and handle formation for Dogecoin (DOGE/USD), which is a well-known bullish structure. It often appears during longer periods of accumulation and tends to precede strong upward moves once a breakout is confirmed.
The first part of the pattern, the cup, shows a deep and rounded bottom that formed as the DOGE price slowly declined and then gradually recovered. This U-shape represents a long-term accumulation zone where traders were building positions quietly over time.
The handle came into play after the breakout near the $0.25 to $0.30 range. After that initial surge, the DOGE price pulled back and began to consolidate again. This created the handle part of the formation, which is now sitting around $0.175. That zone is circled in the chart and labeled as “Bottom,” signaling a key area of support and possibly the final base before the next move higher.
If this pattern plays out fully, the Dogecoin price could hit some impressive targets. The first major level according to CryptoELITES’ analysis, is $0.75, which acts as a strong psychological barrier. From there, the next likely zone is around $1.50, aligning with common Fibonacci extension projections.
If bullish momentum continues to build and DOGE enters a parabolic phase, the price could even touch $2.70 or beyond. At that point, Dogecoin would be back in price discovery mode and possibly on its way to new all-time highs.
There is also a trendline from earlier highs that the price has already broken through. This break suggests that the bearish momentum is weakening and that the bulls may be taking over once again
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Whale Activity and Hype Fuel Breakout Speculation
One of the reasons traders are getting excited is due to recent whale activity. According to Ali, a well-known on-chain analyst, whales have purchased 100 million DOGE in just the past week. That is roughly $17.5 million worth of Dogecoin at the current price level. Large buyers stepping in during consolidation is often viewed as a bullish sign, since these investors typically move early before the crowd.
Overall, the Dogecoin price is in a critical zone. If it holds support near $0.17 and confirms the breakout from this pattern, the move higher could be dramatic. Between strong technical setups, whale buying, and rising social chatter, the DOGE chart is flashing signals that it’s not to be ignored.
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