Dogecoin Reverses Years of Losses with Strong Bullish Signal

Dogecoin is showing strong bullish signals with higher lows and volume spikes, setting the stage for a potential 191% rally.

DOGE has flipped major resistance levels into support and is now targeting $0.6533 with momentum building toward previous highs.

A completed correction phase and head and shoulders reversal pattern confirm a structural shift from bearish to bullish sentiment.

As per Javon Marks analysis, Dogecoin (DOGE) is showing renewed bullish momentum after rebounding from multi-year lows. The meme coin has maintained higher lows, signaling a potential long-term trend reversal. As of now, DOGE trades near $0.1215, reflecting strong recovery from its previous support zone around $0.05. Besides, the breakout above its descending trendline hints at a confirmed uptrend. Significantly, this development could trigger a continuation of the current bullish wave. Hence, a 191% rally toward the $0.6533 mark could be underway if this trend holds.

Breakout Signals and Key Price Levels

Dogecoin's long-term chart shows a well-defined downtrend that began after its all-time high of $0.7376 in May 2021. However, recent price action challenges this downward structure. Moreover, the token has formed a series of higher lows, creating a strong technical base. Trading volume has surged alongside these movements, which supports growing buying interest.

Source: Javon Marks

Additionally, the price has tested the $0.08 resistance multiple times. These rejections eventually turned into a breakout that flipped resistance into support. Consequently, DOGE now trades above several key levels that previously halted its progress. Technical indicators also support bullish continuation as market momentum gains strength.

A sustained move above $0.6533 may open doors to new highs. The $0.74 mark remains a critical resistance zone, just below the all-time high. Furthermore, if bullish momentum persists, DOGE could target the $1.25111 zone in the mid-term.

Market Sentiment and Structural Shift

Market structure analysis shows a completed corrective cycle. Dogecoin no longer forms lower highs and lower lows. Instead, swing patterns now align with an upward trajectory. Hence, investors appear to be rotating into accumulation mode.

Besides, the presence of a head and shoulders pattern confirms that the major bearish trend may have concluded. Increased trading volume during breakout attempts shows growing market conviction. Moreover, price recovery from extended lows marks a shift in sentiment across the crypto landscape.

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