Dogecoin Forms Morning Star Pattern, Eyes $0.35 Breakout

Will Dogecoin (DOGE) hold above $0.30 for a bullish breakout to the $0.35 mark?As Bitcoin hovers near the $93,000 support level, Dogecoin has dropped by 2.75% over the past 24 hours. Despite the bearish continuation and high fluctuations, Dogecoin remains above the $0.30 mark, with a market cap of $46.16 billion.As a whale shows confidence in the largest meme coin, the underlying sentiment hints at a bullish resurgence. With support from a divergence in the 4-hour RSI, could Dogecoin start a breakout rally in 2025?Dogecoin Price ChartOn the 4-hour chart, Dogecoins price action shows solid support around the $0.30 mark. However, the long-standing resistance trendline keeps bullish growth in check, creating a consolidation pattern.Currently, the compression in Dogecoins price trend forms a descending triangle pattern, cementing the crucial support at the $0.30 psychological level. This coincides with the 23.6% Fibonacci retracement level, further solidifying its importance.

Dogecoin Price Chart

Dogecoin is preparing for a morning star reversal from the support zone to challenge the overhead resistance trendline. The current market price of Dogecoin stands at $0.3171, reflecting a 1.73% increase in the past 4 hours.This pattern completes a morning star formation and challenges the 20-EMA line, signaling a potential bullish shift. Additionally, the move targets the resistance trendline, which could add momentum to the uptrend.Increasing the chances of a bull run, the 4-hour RSI shows a bullish divergence, hinting at a bounce-back rally and instilling confidence in bullish traders.DOGE price TargetsIn case of a bullish breakout, the uptrend in Dogecoin is likely to challenge the 50% Fibonacci level at $0.3521. Furthermore, on the flip side, if the downfall continues with Bitcoin approaching the $90,000 level, the breakdown of $0.30 seems inevitable. In such a case, the Dogecoin price is likely to test the $0.265 support level.

Text source: The Crypto Basic

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