Dogecoin, the largest meme coin, has so far been unable to recreate the explosive rallies that produced prior all-time highs and remains under $0.1 amid pervasive bearish market sentiment. Still, a bullish technical signal may point to a coming recovery.
What The Morning Doji Star Means For Dogecoin
Crypto analyst Trader Tardigrade recently highlighted a Morning Doji Star on DOGE’s monthly chart. The Morning Doji Star is a classic reversal pattern that often precedes bullish moves. When the same formation showed on Dogecoin’s monthly chart in 2023, DOGE climbed more than 400% over the following year, topping near $0.5 before the rally cooled.
The analyst now forecasts an even stronger advance, estimating a rise of over 700%. If realized, that move would place Dogecoin around $0.7–$0.8, potentially retesting its all-time highs. Historical precedent suggests a bottom may form first, with the price possibly dipping toward $0.08 before reversing.
While the Morning Doji Star is a bullish cue, broader market conditions matter: Bitcoin’s trend continues to influence altcoins, and BTC’s direction will likely shape DOGE’s path.
Featured image from Dall.E, chart from TradingView.com