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DOGE Technical Analysis: Rebound after forming a bullish double bottom pattern
The largest meme coin by global market capitalization, DOGE (Dogecoin), has recovered some of its rise and has formed a bullish double bottom pattern in overnight trading.
According to data source CoinDesk, since the Asian trading session, DOGE ( has risen over 2% to over 16 cents, partially reversing the decline from 16.63 cents to 15.67 cents on Monday.
According to AI research by CoinDesk, DOGE has formed a "double bottom pattern" around the 15.7-15.8 cent area, with trading volume above average. This rebound is in line with the rally of the market leader Bitcoin (BTC), which has bounced back from an overnight low of around $105,200 to $107,000.
The double bottom pattern forms after a significant sell-off, characterized by two bottoms located at roughly the same level, with a brief rebound in between. If the price eventually breaks through the high point established during the medium-term rebound (as in the case of DOGE), it is expected to confirm a trend reversal from bearish to bullish.
Although the momentum has turned bearish during the day, the broader bearish lower low pattern (representing the continuous downward trend since the second half of May) remains intact.
The daily chart shows that a breakout above the weekend's low of 17 cents is needed to break the broader bearish pattern.
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AI technical analysis is as follows: DOGE ) has formed a clear double bottom pattern in the range of 0.157 to 0.158 USD, with trading volume above average, especially during the period of July 1st from 13:00 to 14:00. The cryptocurrency has steadily risen, closing at $0.161, with increased trading volume confirming buyer interest. In the last 60 minutes from July 2, 05:37 to 06:36, DOGE displayed a significant bullish trend, rising from $0.1605 to $0.1611, an increase of 0.36%. The price trend has formed an upward channel, with trading volumes at 06:06 and 06:07 significantly soaring (exceeding 4.4 million and 6 million respectively), confirming strong interest from buyers. After reaching a local high of $0.1611 at 06:14, DOGE briefly retraced to $0.1606 at 06:27, then rebounded to close at $0.1611.