The new month has ushered in a fresh wave of retail liquidity in what analysts have dubbed a potential reversal setup, creating early bullishness for the near-term Dogecoin price prediction.
After months of suppressed price action, volume levels unseen since June could mark new upward volatility for the meme coin, topping 1.71 billion over the past 24 hours.
Still, risk-on sentiment remains fragile to broader macro narratives. Weaker-than-expected June U.S. jobs data and the looming July 9 “Liberation Day” tariff pause expiry fuel fresh FUD.
Analyst Points Bullish Reversal: Is This the Start of a New Uptrend?
Popular pseudonymous crypto analyst Trader Tardigrade noted the early onset of a bullish reversal structure in a June 1 X post, citing a breakout above a critical 50-day descending trendline.
Tardigrade notes that Dogecoin price has now formed a higher low, higher high, higher low sequence in its move above the long-standing trendline—the beginnings of a classic reversal structure.
DOGE / USD 1-day chart, 50-day trendline breakout. Source: X, @TATrader_Alan.
If this structure of successive higher highs and higher lows continues, it could signal that a new uptrend is forming, with buyers gradually regaining control of the market.
This comes as speculative interest is building with traders actively following Dogecoin price moves. CoinGlass data shows a 24.7% rise in Open Interest since the month began.
Dogecoin Open Interest (USD) starts July on uptrend. Source: Coinglass, DOGE Derivatives.
These Derivative traders appear to be positioning for a continuation, with a long/short ratio of 2.92 on Binance showing that over 74.5% of its users are betting on price increases.
Dogecoin Price Analysis: Is This the Start of a 3x Move?
The development highlighted by Trader Tardigrade on the daily chart feeds into the broader breakout setup of a massive 4-year cup-and-handle pattern.
This emerging uptrend aligns with historical support stretching back to Mid-2024, creating a potential confluence zone for a breakout as it meets the upper resistance of the handle.
If the reversal sequence holds, the historical support could be a breakout launchpad for the pattern’s $0.75 technical target—a 3.45x gain from current levels.
Momentum indicators support this outlook. The RSI continues trending higher, holding above 40, signaling that sellers are gradually losing control.
More so, the MACD line is approaching a bullish cross above the signal line for the first time since early June. On the 3-day timeframe, this often signals the early stages of a new mid-term uptrend.
However, for this 3.45x move to fully materialize by the end of the year, a market-warming social or fundamental catalyst like the October 17 U.S. spot DOGE ETF decision deadline will likely play a key part.
Immediate resistance at $0.186 remains the key threshold for a decisive breakout. A rejection here risks confirming a false breakout, putting pressure on the historical support.
If this level is lost, the next major support level lies 45% lower at the mid-2024 market bottom around $0.09.
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The post Dogecoin Price Prediction – Analyst Flags Major Technical Breakout: Could DOGE Be Gearing Up for a 3x Run? appeared first on Cryptonews.
