Dogecoin’s bullish setup: Top reasons why a DOGE rally could be in the works – BitRss

• The double bottom chart pattern positions $0.47 as a critical breakout level.
• Network activity surges with a 102.4% increase in new addresses and steady transactions.

Dogecoin [DOGE] is making headlines as it forms a compelling double bottom chart pattern, often a precursor to bullish momentum. At press time, Dogecoin was trading at $0.4043, reflecting a 2.68% decline in the last 24 hours. 

However, its recent surge in network activity and a strong technical setup suggest growing interest among traders and investors, raising the question of whether a breakout is imminent.

DOGE chart outlook: Can $0.47 be breached?

The double bottom pattern highlights a solid support level at $0.37, while the neckline resistance at $0.47 represents a key hurdle for Dogecoin to overcome. 

Therefore, breaking above this resistance could confirm the bullish setup and potentially lead to a rally toward $0.50 or higher. With traders closely monitoring this level, Dogecoin’s short-term momentum hinges on its ability to break out decisively.