Dogecoin (DOGE) Price Signals a Bullish Trend as Crypto Analyst Highlights "Cup & Handle" Breakout

Crypto analyst Daniel Ramsay has highlighted a highly bullish setup for Dogecoin on the monthly chart, pointing to a confirmed breakout of the classic “Cup & Handle” formation.

Crypto analysis suggests a bullish trend for Dogecoin (DOGE) with a breakout from the "Cup & Handle" formation on the monthly chart.

This pattern typically signals long-term uptrends, hinting at a potential major rally for DOGE.

Moreover, the "Three White Soldiers" candlestick pattern is also visible on the chart, serving as another bullish indicator.

Despite the possibility of a short-term retest of the key zone, the overall technical outlook remains optimistic, suggesting a significant upward move.

Dogecoin (DOGE) price action has been closely monitored by traders as it hovers around the $0.30 mark.

After a period of consolidation, the price seems to be attempting to break through resistance levels.

However, some traders are speculating on whether the price will continue to rise or face a retest of lower support levels before another move upward.

A glance at a higher timeframe chart reveals a steady decline in DOGE price from its recent local highs near $0.45.

This price movement suggests a pullback to key support levels, such as $0.26 or even $0.22, could be on the horizon.

The worst-case scenario would be a break below these support levels, invalidating the bullish setup.

However, if buyers manage to step in at these zones, DOGE could rebound and continue its uptrend.

On the other hand, a decisive close above $0.35 would signal renewed bullish momentum, opening the door for another breakout.

Grayscale's recent filing for a Dogecoin (DOGE) ETF has sparked optimism among investors, leading some to speculate on the possibility of DOGE rallying to $1 or even $3.80.

The hype around crypto ETFs stems from the narrative that they could bring new waves of investors into the digital asset market.

Historically, the approval of crypto ETFs has had varying impacts on the market.

For example, the launch of the first Bitcoin (BTC) ETF in January 2024 attracted over $39 billion in investments, contributing to Bitcoin's price surge.

Similarly, the introduction of Ethereum (ETH) ETFs also correlated with noted price increases for ETH.

It's worth noting that market reactions can differ, and past ETF launches have also been followed by periods of price corrections.