Dogecoin Cup And Handle Pattern Signals Recovery To $0.4, Here’s How

An analyst on TradingView presented a technical outlook that contrasts with prevailing market sentiment, suggesting that Dogecoin is still forming the cup phase of a cup and handle pattern rather than completing the handle as many believe. 

This alternative perspective frames the recent price movements not as a retest following a breakout, but as part of a much longer consolidation phase that began after Dogecoin’s 2021 peak. Nonetheless, the consensus is the same, and this setup suggests that the Dogecoin price is about to recover towards $0.4.

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Cup Formation Since 2021 Still In Progress

According to the analyst, the cup and handle pattern visible on Dogecoin’s chart has been developing for nearly four years, with price rounding off a wide base that stretches back to its previous all-time high. This interpretation diverges from the majority view, which argues that Dogecoin completed the cup structure, broke out of the neckline resistance late last year, and is now in the handle phase before another leg upward. 

Instead, the current analysis argues that Dogecoin remains in the latter stages of the cup phase, with no handle formation yet confirmed, and that accumulation is still unfolding. Price holding above key exponential moving averages supports the idea that buyers are gradually building positions during this drawn-out bottoming process.

The resistance zone around $0.48 is seen differently in this analysis as only part of the cup formation. From this perspective, the breakout has not occurred, and any move toward $0.4 would be part of a continued upward grind into the neckline. This puts the focus not on handle formation or retest of breakout point, but on the development of a complete cup structure that could eventually set the stage for a classic handle and breakout rally.

Accumulation In Cup Phase To Push Dogecoin To New Highs

Many analysts have written off Dogecoin’s recent pullback as part of a handle retest following a breakout, but this technical setup implies that the price is still climbing toward a breakout point that is yet to be reached. Based on this outlook, a move toward $0.4 could serve as part of the final uptrend in the cup structure, after which a handle might finally take shape. 

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If the pattern plays out as described, Dogecoin could see short-term gains before pausing for consolidation at higher levels between $0.4 and $0.5. The real breakout above the neckline resistance is above these levels, before a subsequent handle formation. 

Nonetheless, the most notable price level to watch for a true confirmation of the bullish continuation is $0.48. At the time of writing, Dogecoin is trading at $0.1967. The past 24 hours have been characterized by a brief break above $0.2, which is currently the most significant short-term price resistance to overcome.

Featured image from Adobe Stock, chart from Tradingview.com

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