Dogecoin has once again attracted attention after technical analysis from CobraVanguard highlighted a major pattern believed to be able to push the price towards a new target.
Currently, DOGE is trading around $0.23922 with quite mixed short-term movements. In the last four hours, the price has weakened 1.13%, while in the 24 hours it has actually increased slightly by 0.31%.
However, in the past week, performance has remained depressed, with a correction of around 15.41%. However, 30-day data shows a recovery with a gain of 13.86%.
The current market cap stands at $36.11 billion with a daily spot trading volume of around $906.73 million, figures that continue to reflect strong investor interest.
Bullish momentum grows with Dogecoin forming classic patterns
On the weekly chart, CobraVanguard confirmed that a cup and handle pattern is forming. This pattern is often considered a strong bullish signal because it represents a long accumulation period before a price surge.
The cup formed after the sharp decline post-2021, which then slowly reversed upward. Meanwhile, a handle is expected to form around the $0.40–$0.50 area before a wider breakout opportunity opens.
On the other hand, analysis also shows the emergence of an AB = CD harmonic pattern, strengthening bullish potential. The CD target is in the $0.41–$0.42 range, exactly within the strong resistance area depicted on the chart.
According to CobraVanguard, if Dogecoin can break through this level with substantial volume support, the path to the psychological target of $0.50 becomes more realistic.
Furthermore, success at this level could open the door for the price to move to the $0.75 area and even approach the old peak of $0.88.
However, risks remain. If DOGE fails to break through resistance, the price could retest the support area at $0.20–$0.22. However, the larger cup and handle pattern remains valid as long as the price does not fall through the base of the formation. CobraVanguard noted in its note:
“If this view is correct, DOGE will rise to $0.50. And if this pattern is confirmed with a breakout, a higher target is very possible.”
Furthermore, exchange flow data also provides an interesting picture. According to CoinGlass, in 12-hour net outflow heatmap, large outflows were recorded from several major exchanges.
Binance led with a net outflow of around $18.80 million, followed by OKX at $8.60 million, Upbit at $6.18 million, Coinbase at $3.72 million, Kraken at $2.33 million, and Bitstamp at $2.09 million.
This outflow pattern is often seen as a sign that traders are withdrawing Dogecoin from exchanges, possibly to store it in personal wallets, which in some cases indicates positive medium-term sentiment.