After a quiet period of declines, Dogecoin (DOGE) appears to be staging a potential comeback, with recent price action and technical analysis suggesting a brewing bullish reversal. The meme coin, which saw its value drop to as low as $0.134 in early December, has begun to stabilize, currently trading in the $0.14-$0.15 range and indicating a potential easing of bearish pressure.
A Recovery Attempt Begins To Take Shape
Crypto analyst BitGuru's recent chart analysis suggests Dogecoin is forming a bullish base, setting the stage for a rebound towards the $0.20 mark. The daily candlestick chart reveals a significant bounce from Dogecoin's demand zone around December 1st, demonstrating a strong defense of a critical price area previously maintained in July and October. This rebound has created a "higher low" relative to the November breakdown, a key indicator that bullish momentum could be entering the market. Currently, DOGE's price is pushing towards the middle of its broader trading range, with recent bullish candle closes reinforcing buyer interest in overcoming mid-range resistance. This pattern mirrors previous price expansions in July and September, which also followed similar higher-low formations.
Dogecoin On A Path To $0.188
The immediate objective for Dogecoin is the $0.188 resistance level, which is a crucial mid-range benchmark. A clean break above this point would signal that buyers have reasserted control over the market structure, potentially opening the door for a wider recovery and a return above $0.20. From its current trading price of approximately $0.148, achieving these targets represents potential gains of roughly 27% to 35%. While these short-term price targets are realistically attainable with sustained bullish momentum before the year's end, Dogecoin's performance remains highly dependent on the broader cryptocurrency market, especially Bitcoin. Thus, while tentative signs of recovery, including rising trading volume, suggest a bullish setup, the wider market's trajectory will be pivotal for Dogecoin to maintain its upward trend and avoid further consolidation.
