Dogecoin Forms Repeated V-Reversals; $0.1697 Resistance Now in Focus

Dogecoin is trading in a rising channel with $0.1697 as the critical short-term resistance.

Price formed multiple V-shaped recoveries since June 21, reinforcing bullish momentum.

Current support at $0.1634 remains intact, with buyers defending dips near the lower trendline.

Dogecoin (DOGE) is trading at $0.1670, with an 0.8% gain in the past 24 hours. On the hourly chart, there is a clear trend of bullish reversals that has developed, indicating a breakout. The support lies at $0.1634, and the resistance lies within reach at $0.1697. The market seems to be gaining momentum, and the present price movement has taken the form of an ascending channel.

This arrangement has attracted interest because of its background of helping to solidify upward breakouts, particularly after a period of consolidation. Price action from June 21 onwards reveals multiple V-shaped recoveries, reinforcing this structure’s validity. Dogecoin shows potential for a 5x–6x rally within 3–4 months, with analysts targeting a $5 price breakout soon.

Bullish Channel Sets Up Potential Continuation

Over the past week, DOGE has maintained higher lows, indicating consistent accumulation pressure. The latest price pattern is enclosed in a rising wedge, visible after June 27. This formation is supported by three successful bounces off the lower trendline

Each recovery has followed steep declines, indicating fast rebounds supported by increased demand. Notably, the most recent surge was met with selling at the $0.1697 resistance. However, price remains near that level, suggesting that bulls are not retreating.

Historical Recovery Zones Indicate Repeated Patterns

There was a steep reversal of a descending wedge between June 21 and June 23, creating a rapid upward breakout. On June 27, another such structure emerged, as price bounced off local lows. These repeating formations underline a pattern of compressed price action followed by rapid upswings. Each leg up has been sharper than the last, which could be seen as momentum gaining strength with each retracement. While the current price still trades below $0.17, the formation remains intact.

Resistance Zone Remains Key Ahead of July

As July approaches, the key resistance to monitor is the $0.1697 level. A sustained break above that could open the path toward higher targets. The presence of a well-defined upward channel gives the structure for a continuation. It is worth noting that every attempt to break down has been preceded by a vigorous bout of buying in short-term retreats. The price is also trading above marked support, thus providing further support to the short term bullish structure.