Dogecoin (DOGE) Momentum Builds as Bulls Target $0.21 Zone

Dogecoin is trading near $0.182 after gaining close to 10% over the past week. Price action and momentum indicators across several timeframes are showing signs of strength.

Consequently, traders are watching for confirmation of a trend shift as DOGE holds above key support levels.

Momentum Builds on Daily Chart

On the daily chart, the OG meme coin broke above a descending trendline after a stretch of lower highs and lows. The MACD indicator has flipped bullish with the MACD line crossing above the signal line. This was followed by rising histogram bars, pointing to increasing momentum.

Trader Tardigrade shared the chart and noted,

Bullish Patterns Emerging on DOGE Charts

An inverse Head and Shoulders pattern has formed on the 4-hour chart. The breakout above the neckline occurred on November 10, followed by a retest that held above $0.18. The asset has since remained above that level.

This setup includes a left shoulder, head, and right shoulder, followed by a breakout. Trader Tardigrade confirmed the structure and said DOGE had “successfully completed a retest” after the breakout.

Moreover, the 12-hour chart shows a Cup and Handle formation. The cup formed during a rounded bottom, followed by a short pullback creating the handle. DOGE broke through the horizontal resistance line and is now trading near $0.184.

The estimated move from the pattern points toward a target near $0.211. Tardigrade called attention to this level after the breakout was confirmed.

Traders Watch Key Levels

BitGuru said DOGE shifted out of a downtrend and is testing a resistance zone.

Binance data from CW shows top traders remain long, with DOGE positions holding at 77.82%.

Market Prophit posted that crowd sentiment and model sentiment remain “Bullish.” DOGE traded between $0.177 and $0.184 during Tuesday’s session, with buyers defending the $0.1800 level. Price tested the upper end of the range before pulling back slightly.

As CryptoPotato reported, the Bitwise spot DOGE ETF is currently under a 20-day countdown for automatic approval. If approved, it would mark the first DOGE-based ETF on the US market.

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