DOGE eyes another rally as past spikes, rounding bottom patterns, and upcoming crypto ETF decisions shape market sentiment.
Dogecoin (DOGE) has once again attracted investor attention as market momentum builds ahead of potential breakout moves. The cryptocurrency’s history of sharp price spikes, combined with current technical setups, suggests renewed bullish interest. Analysts highlight that key support zones and repeating chart patterns could set the stage for the next leg upward, reinforcing Dogecoin’s reputation as a highly retail-driven asset.
According to analyst Ali Martinez, Dogecoin’s late January 2021 price surge remains a defining moment. Within a single day, $DOGE jumped 423%, climbing from roughly $0.01 to above $0.05. Following this parabolic move, prices consolidated between $0.07 and $0.08, eventually testing $0.085.
Martinez notes that the 2021 spike established durable support zones near $0.065-$0.07. Consequently, closing above these levels today signals strong market demand, giving traders confidence in potential upward moves. These historic levels continue to guide technical decisions and shape market psychology.
Trader Tardigrade highlights that Dogecoin may be primed for another surge, especially against Bitcoin. On the $DOGE/$BTC 4-hour chart, a falling wedge breakout pattern has emerged. Previous breakouts pushed prices from 0.00000200 BTC to above 0.00000285 BTC. A similar formation is now targeting 0.00000270 BTC or higher.
Source: X
The symmetry between past and current setups strengthens the case for a bullish extension. Hence, traders anticipate renewed momentum and a possible repeat of earlier gains.
On the daily chart, Tardigrade identifies a rounding bottom pattern forming near $0.23-$0.24 support. Historically, two strong rallies followed by corrections showed similar behavior, with drops around 28-35%. If Dogecoin holds above $0.23 and surpasses resistance near $0.27, the path toward $0.30 and $0.35 becomes plausible.
Source: X
Additionally, growing market sentiment during October, often called “Uptober,” could reinforce buying pressure. With Dogecoin as of press time priced at $0.2327 and a market cap exceeding $35 billion, the stage is set for potential gains.
Nate Geraci, president of NovaDius Wealth Management, emphasizes that upcoming spot crypto ETF rulings could impact multiple altcoins. Solana, XRP, Cardano, Hedera, and Dogecoin all await regulatory clarity. Approval or positive guidance could ignite inflows and reinforce bullish trends across these digital assets.
