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Dogecoin is exhibiting bullish momentum with a bull pennant formation on the 1-hour chart, signaling a potential breakout above $0.175.
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The recent golden cross and rising RSI indicators reinforce the positive outlook, targeting a short-term price of $0.185.
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According to Santiment, Dogecoin’s undervaluation and increased holding periods reflect growing investor confidence in the asset.
Dogecoin’s bull pennant and golden cross signal a breakout toward $0.185, supported by technical indicators and Santiment data showing undervaluation.
Dogecoin’s Bull Pennant Signals Renewed Upward Momentum
Technical analysis reveals that Dogecoin is forming a bull pennant pattern on the 1-hour chart, a classic continuation formation that typically precedes a breakout. This pattern emerged after a sharp rally, followed by a period of consolidation within converging trendlines. The narrowing price range, combined with declining volume, suggests that traders are positioning for a decisive move. Market participants are closely watching the $0.173 to $0.175 resistance zone, as a close above this level would confirm the breakout and likely propel Dogecoin toward the projected target of $0.185.
Golden Cross and RSI Support Bullish Sentiment
Adding to the bullish case, Dogecoin recently experienced a golden cross on the hourly chart, where the 50-hour moving average crossed above the 200-hour moving average. This technical indicator is widely regarded as a sign of upward momentum and trend reversal. Complementing this, the Relative Strength Index (RSI) is trending higher, indicating strengthening buying pressure without entering overbought territory. Together, these indicators provide a robust framework supporting the potential for a sustained rally in the near term.
Market Structure and On-Chain Metrics Highlight Growing Confidence
Dogecoin’s price action has stabilized above the $0.165 to $0.17 support zone, a critical level that previously acted as a launchpad for gains in May. This consolidation within a broader range of $0.143 to $0.26 suggests that the market is digesting recent gains while preparing for the next leg up. Analyst PennyBagsCX highlights the possibility of a bounce toward the previous local high of $0.48, underscoring the asset’s bullish potential. Key oscillators such as MACD are showing positive crossovers, while the 200 EMA continues to provide dynamic support, reinforcing the constructive technical outlook.
Santiment Data Indicates Undervaluation and Long-Term Holding
On-chain analytics from Santiment reveal that Dogecoin’s MVRV z-score has declined to 0.241, signaling that the asset is currently undervalued relative to its realized value. Additionally, the 365-day Median Days In Address (MDIA) has increased to 152, reflecting longer holding periods among investors. This trend suggests a growing confidence in Dogecoin’s fundamentals and a shift toward accumulation rather than speculative trading. Such metrics are often precursors to sustained price appreciation as investor sentiment strengthens.
Conclusion
Dogecoin’s formation of a bull pennant, supported by a golden cross and rising RSI, points to a likely breakout above the $0.175 resistance level with a short-term target near $0.185. Market structure and technical indicators align with this bullish scenario, while Santiment’s on-chain data underscores increasing investor confidence through undervaluation and extended holding periods. Traders and investors should monitor these key levels and indicators closely as Dogecoin navigates this critical juncture, presenting potential opportunities in the evolving crypto landscape.
