As the price of Dogecoin (DOGE) retraces in the near term, a trading expert has noted that technical indicators suggest the meme coin is building momentum to hit $1.50 in the coming months.
The analysis draws on a trading model known as ‘Livermore’s Accumulation Cylinder,’ aligning it with DOGE’s ongoing bullish megaphone pattern.
According to TradingShot, Dogecoin has been trading within a bullish megaphone pattern since its low on October 9, 2023, a phase characterized as prolonged accumulation, consistent with broader altcoin market behavior, the analyst said in a July 23 TradingView post.
By overlaying Jesse Livermore’s Accumulation Cylinder, a model of alternating bullish and bearish legs, onto the DOGE chart, TradingShot suggested the asset is now entering its breakout phase.
The analysis places DOGE near level 8 of the Livermore model, signaling the start of a parabolic move. If confirmed, this could propel the price to $1.50 by October or November 2025, doubling its previous cycle high.
While a longer-term target of $12 is also mapped out, the analyst noted this would likely fall outside the current bull cycle and require a sustained rally into 2026 and beyond.
DOGE’s bullish reversal
Separately, an analysis shared by Alpha Crypto Signal on July 23 indicates that Dogecoin is showing signs of a bullish reversal after completing a rounding bottom pattern on the daily chart.
The cryptocurrency broke above the key $0.25 to $0.26 resistance zone, flipping it into support, shifting from bearish to bullish.
Currently trading near $0.26, DOGE is slightly down as it retests the breakout zone. A successful hold here would confirm the breakout and set the stage for further gains, offering traders a solid long entry as momentum favors higher levels.
Dogecoin price analysis
At press time, Dogecoin was trading at $0.25, down over 4% in the past 24 hours, but up more than 6% on the week.
As things stand, DOGE needs to hold the $0.25 support zone for any chance of sustained upward momentum, though the outlook remains uncertain at the moment.
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