Dogecoin (DOGE) Price Enters a New Bullish Phase After Flashing Trend Reversal

Dogecoin’s price is entering a new bullish phase after months of decline, technical analysis of the daily candlestick timeframe chart shows.

Analyst Flags Daily Trend Reversal On Dogecoin Chart

One crypto analyst has confirmed that a trend reversal has taken place for Dogecoin,

The digital asset is now displaying an uptrend on the daily chart,

The breakout of a downtrend and the successful retest of the former trendline are classic technical signals of a trend reversal,

A prominent crypto analyst known as Trader Tardigrade (

@TraderTardigrade

) has highlighted a confirmed trend reversal for Dogecoin (CRYPTO: DOGE). In a post on X (formerly Twitter) this week, he pointed out that DOGE’s daily chart has flipped from a downtrend to an uptrend.

Analyst Highlights Classic Breakout, Retest, Continuation Pattern

This claim is furthered by a technical analysis of Dogecoin’s price action.

Dogecoin’s price recently broke above a descending trendline that had been defining its downtrend for several weeks. This breakout occurred on April 22, when Dogecoin closed above the $0.165 mark on the daily candlestick timeframe.

Shortly after breaching the downward-sloping resistance line, Dogecoin’s price pulled back between April 23 and April 24 to retest the same trendline, but this time from above. Crucially, the former resistance trendline held strong as a new support level during the retest.

Following that successful test, Dogecoin resumed its upward climb, signifying the continuation of the new uptrend. This pattern of breakout, retest, continuation is a classic technical confirmation of a trend reversal. The successful retest of this trendline provides more confidence that the bullish shift is genuine and not a false signal.

Image From X: Trader Tardigrade

Dogecoin Price Target $0.25 By Early May

With the daily trend now identified as up, the focus is on how far this new uptrend could carry Dogecoin.

According to Trader Tardigrade’s analysis, Dogecoin could continue its ascent in the coming days, potentially hitting the quarter-dollar mark.

As indicated on the chart shared by Trader Tardigrade, the next Dogecoin price target is around $0.25 by the first week of May.

If reached, a rise to $0.25 would be a significant milestone, considering Dogecoin has been engaged in a downtrend for over 10 weeks.

As such, a break to $0.25 would mark Dogecoin’s highest price since late February and a substantial recovery from its recent lows around the $0.14 to $0.15 range. Such a move would also accrue roughly a 51% gain from the breakout level of $0.165.

However, $0.25 is only the target in the very short term. In a separate analysis, Trader Tardigrade pointed to Dogecoin’s long-term chart, highlighting a round bottom formation.

The chart shows that in previous cycles, Dogecoin’s price formed a rounded bottom on the monthly candlestick timeframe chart before undergoing explosive upward trends. This pattern, now again visible on the monthly chart, signals that Dogecoin may be on the verge of another significant breakout. The long-term price target in this case is $2.8.

Image From X: Trader Tardigrade

Dogecoin is currently trading at $0.18 at the time of writing.