- Dogecoin forms Morning Doji Star pattern signaling possible bullish trend reversal.
- Price rebounds above $0.09 after testing long-term support trend line.
- Resistance near $0.0998 remains critical for confirming continued upward momentum.
Dogecoin is showing early signs of a bullish reversal after forming a rare Morning Doji Star pattern on the monthly chart. The memecoin recently rebounded from key support near $0.09, while rising futures interest and improving technical indicators suggest momentum could be building for a potential breakout in the coming sessions.
Dogecoin Price Shows Bullish Signal After Key Support Retest
Dogecoin price is showing early signs of bullish momentum after forming a Morning Doji Star pattern on the monthly chart. At press time, the Dogecoin price trades near $0.09640, reflecting a 2.27% daily increase. The formation has drawn attention because it often signals a transition from bearish pressure to potential upward momentum.
Crypto market observer Hailey LUNC XRP, known on X as TheMoonHailey, highlighted the pattern in a recent chart update. According to the analyst, the Dogecoin price may be preparing for a significant move if the pattern receives confirmation in upcoming candles.
The Dogecoin price recently rebounded after briefly falling below the $0.09 level earlier in the week. Buyers stepped in near a long-term support trendline, helping the asset recover and trade above $0.10 during the rebound phase.
The Morning Doji Star formation consists of three candles: a long bearish candle, a neutral doji, and a strong bullish candle. When this pattern appears near support levels on higher timeframes, it often precedes extended upward moves.
Dogecoin Price Faces Resistance Near Upper Bollinger Band
Technical indicators show the Dogecoin price now trading above the middle Bollinger Band, positioned near $0.0937 on the daily chart. Earlier this week, the asset briefly touched the lower band around $0.0876 before reversing upward.
The next major resistance level for Dogecoin is near $0.0998, where the upper Bollinger Band currently sits. A decisive move above this zone could strengthen the bullish case and open the door to higher resistance levels.
Another important signal comes from the long-term support trend line that the Dogecoin price has tested multiple times. The latest rebound represents the third retest of this historical support level, a point that often attracts renewed buying interest.
Maintaining this support could reinforce confidence in the broader structure. However, further upside momentum will depend on whether the Dogecoin price holds the trend line while breaking above nearby resistance zones.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
