Dogecoin (DOGE), the world's largest meme cryptocurrency by market value, has regained some poise, having formed a bullish double bottom pattern during the overnight trade.
DOGE has gained over 2% to over 16 cents since early Asian hours, reversing part of Monday's slide from 16.63 cents to 15.67 cents, according to data source CoinDesk.
Per CoinDesk's AI research, the cryptocurrency formed a "double bottom pattern" around the 15.7-15.8 cents zone with above-average volume. The bounce is consistent with the recovery in market leader bitcoin (BTC), which has bounced to $107,000 from the overnight low of around $105,200.
The double bottom forms after a notable sell-off and is characterized by two bottoms at approximately the same level, separated by a brief recovery. An eventual move above the high logged during the interim recovery, as seen in DOGE's case, is said to confirm a bearish-to-bullish trend change.
While the intraday momentum has shifted bearish, the broader bearish lower highs pattern, representing a consistent downtrend since the second half of May, remains intact.
The daily price chart indicates that a convincing move above the lower high of 17 cents, established over the weekend, is required to invalidate the broader bearish setup.
DOGE's daily price chart. (TradingView/CoinDesk) Key AI insights
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DOGE formed a clear double bottom pattern around the $0.157-$0.158 zone, with above-average volume, particularly during the 13:00-14:00 hours on July 1.
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The cryptocurrency experienced a steady climb culminating in a bullish close at $0.161, with increasing volume confirming buyer interest.
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In the last 60 minutes from July 2, 05:37 to 06:36, DOGE demonstrated a clear bullish trend, rising from $0.1605 to $0.1611, representing a 0.36% gain.
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Price action formed an ascending channel, with notable volume spikes at 06:06 and 06:07 (over 4.4M and 6.0M respectively), confirming strong buyer interest.
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After reaching a local high of $0.1611 at 06:14, DOGE experienced a brief pullback to $0.1606 at 06:27 before recovering to close the hour at $0.1611.
The resurgence of Dogecoin after forming a 'Double Bottom' pattern on charts signals potential recovery and bullish sentiment among investors, indicating another leg up for the meme coin.
The remarkable comeback of Dogecoin, fueled by the formation and consolidation of a double bottom pattern in its price chart, demonstrates investors' resilience to market volatility - displaying both confidence at current levels as well foretelling potentially bullish momentum ahead.
Dogecoin's decisive rise following the formation of a 'Double Bottom Pattern,' indicating strong upcoming potential and investor confidence.
Dogecoin's remarkable recovery following the formation of a 'double bottom', demonstrating both resilience and potential for further growth in cryptocurrency markets.
The resurgence of Dogecoin, following the formation on charts indicating a 'double bottom,' highlights traders' renewed confidence and suggests potential for further upside movements.
The recent pronounced double bottom formation on the Dogecoin chart suggests a potential retracement has finally found support, hinting at an imminent upward trend.
Great momentum observed in Dogecoin's recent price action, notably its rebound following the formation of a 'double bottom'. This technical pattern signals bullish potential for investors.
The renaissance of Dogecoin following the formation of 'double bottom' pattern signals a potential reversal from its recent downtrend and market sentiment improvement, igniting fresh interest among early adopters.
The rebound in Dogecoin's price following the formation of a 'double bottom', demonstrates strong bullish momentum and potential for future growth, confirming its resilience as an investment amid market fluctuations.
Excellent trading progress for Dogecoin, witnessed after forming a godly reversal setup of Double Bottom structure.
The remarkable rebound in Dogecoin's price following the formation of a 'double bottom,' marks an impressive market comeback for this meme coin, illustrating traders’ renewed confidence and bullish sentiment.
The surge in Dogecoin's value following the formation of a double bottom pattern underscores investors’ optimism regarding its long-term potential, indicating that market sentiment may have shifted significantly.
