Dogecoin price target set at $0.23 if resistance breaks

Dogecoin price is showing signs of a bullish market structure shift, with a potential double bottom formation taking shape. A breakout above key resistance levels could initiate a rally toward $0.23.

Dogecoin (DOGE) is on the verge of confirming a double bottom pattern, a classic reversal formation that signals bullish continuation if neckline resistance is broken. Recent price action shows strong support at $0.15, where multiple successful retests sparked rallies. With Dogecoin now trading at a key resistance zone, traders are watching closely for signs of an impulsive breakout.

Key technical points

• Double Bottom Support at $0.15: The value area low acted as a strong base, sparking bullish momentum.
• Resistance at 0.618 Fibonacci and Value Area High: Dogecoin is currently testing this confluence resistance.
• Market Structure Shift Possible: A higher low above the POC would confirm bullish continuation.

DOGEUSDT (1D) Chart, Source: TradingView

Dogecoin has tested the $0.15 value area low multiple times over recent weeks, with each retest resulting in renewed buying pressure. This level now serves as the base of a developing double bottom formation, which, if validated by a breakout, would signal a larger bullish reversal in play.

Price action has now broken above the previous swing high, which is an early sign of a market structure shift. This break has brought Dogecoin to a crucial resistance zone, the 0.618 Fibonacci retracement and the value area high, a region that has historically acted as a reversal point or a trigger for continuation, depending on volume and market context.

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If DOGE faces short-term rejection here, a corrective pullback toward the point of control could occur. This would offer an ideal opportunity for a higher low to form, a key technical component of a confirmed trend reversal. Holding above the POC would signal strength and maintain the bullish setup, keeping the double bottom formation valid.

The activation of the double bottom will occur once Dogecoin breaks through the current resistance region with strong momentum and impulsive candle closes. This hasn’t occurred yet, but price structure and momentum suggest that Dogecoin is coiling up for such a move. Monitoring the volume profile in this zone will be critical, increasing volume would signal breakout strength and confirm bullish intent.

What to expect in the coming price action

If Dogecoin breaks above the current resistance confluence with rising volume, a rally toward the $0.23 high time frame resistance becomes likely. However, a corrective pullback is also possible before continuation. As long as price remains above the point of control, market structure favors the bulls.

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