Heres the Next Move for Dogecoin as It Makes First False Break Since Dec 2024

Dogecoin has made its first false break since December 2024, as it witnesses a rebound above the support line, suggesting a potential bull run.Dogecoin (DOGE) has faced notable struggles in recent days, with the price hovering around $0.1539 amid a 4.13% decline over the past 24 hours. Despite this short-term dip, analysts are presenting views on the future movements of the memecoin.Insights into major technical patterns suggest that the downward momentum could soon reverse."False Break" on Dogecoins PriceOne of the primary patterns gaining attention among analysts is the "False Break" observed in Dogecoins daily chart. According to Trader Tardigrade, the price has followed a consistent downtrend since December 2024. https://twitter.com/TATrader_Alan/status/1912143385303089287The downtrend is marked by a series of lower highs and lower lows, confirming the bearish market sentiment. Interestingly, throughout the year, Dogecoin has observed successful breakdowns to lower levels amid the downturn. The first breakdown occurred on Feb. 2, while the second materialized on Feb. 21. Further, DOGE saw a third breakdown on March 8.However, the bears sought to trigger another breakdown on April 7 by pushing prices to $0.13 lows, but DOGE recovered quickly. This introduced a shift with a key "False Break." This pattern occurs when the price temporarily falls below a critical support level but quickly rebounds, suggesting that the downward movement was not sustainable. Unlike previous breakdowns where the price continued to decline, the April decline failed to maintain its momentum. The analyst notes that Dogecoin has remained above the support line for several days, confirming the characteristics of a false break. According to him, this pattern could indicate the start of a new bull run for DOGE.Per the analysts chart, this could signal the potential for a bullish reversal, eyeing the next target at $0.42, which marks a possible 172.90% increase from the current level.Symmetrical Triangle Points to Potential ReboundAnother notable technical pattern is the Symmetrical Triangle, highlighted by Trader Tardigrade in a separate analysis. According to his chart, the price has been confined within the triangle, frequently bouncing between the upper resistance and lower support trendlines. Each time DOGE approaches the upper resistance, it faces rejection and retraces to the support.

Dogecoin Symmetrical Triangle

Conversely, when it hits the support, buying interest pushes the price higher. In the most recent part of the chart, the price has hit the lower boundary of the triangle and is expected to rebound toward the resistance.Although the analyst did not specify a target price in case of a breakout, he suggests that the longer the consolidation, the stronger the expected pump. Possible Return Near All-Time HighsMeanwhile, an analysis by the TradingView account FuaCompany presents a bullish outlook based on a rising channel. This pattern, identified on a monthly DOGE chart, shows that the price has been moving within parallel lines, forming higher highs and higher lows. According to FuaCompany, Dogecoin could continue to respect the rising channel, with potential bounces at the lower boundary leading to upward movements. Historical data suggests that when the price last hit the lower boundary around $0.05, it surged towards the upper limit. However, a bearish correction could also occur, causing the price to dip below the channel to around $0.08 before recovering. Despite the potential for short-term declines, the long-term target for Dogecoin remains around $0.70, near its 2021 all-time high.

Text source: The Crypto Basic

Market