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Highlights
- Dogecoin extended decline may be coming to an end.
- The memecoin has reclaimed its previous breakdown in what analysts are tagging the bottom.
- Dogecoin's glowing fundamentals sees it primed for a rally to snag $1.
After a long-running streak of breaking down from support levels, Dogecoin (DOGE) is set to reverse the trend. Recent Dogecoin price action reveals that the bottom is in for the memecoin amid growing chatter for a strong rally.
Dogecoin Price Reclaims Breakdown Signaling The Bottom
Cryptocurrency analyst Trader Tardigrade says recent Dogecoin price action indicates a positive trend reversal following multiple support breakdowns. In his analysis on X, Tardigrade notes that DOGE has reclaimed a previous price breakdown at $0.15300 after a small rally.
After prices dipped below the support level, DOGE quickly recovered, powered by a rally that saw the asset record double-digit gains over the last day. Tardigrade notes that reclaiming the breakdown signals the end of a long-drawn price decline for Dogecoin.
Since the start of the year, the Dogecoin price has been in steep decline, recording three steep price breakdowns without an attempt to reclaim support levels.
“Dogecoin has successfully reclaimed its previous breakdown, marking the first time since the downtrend began in January 2025,” said Tardigrade. “This price action suggests that Doge is gaining strength and may have already reached its bottom.”
The claims that Dogecoin bottom has gathered steam with crypto analyst Master Kenobi predicting that DOGE price will bounce back. Master Kenobi goes on to predict a new all-time high for DOGE in early June, confirming the bottom as well.
Fundamentals Stoke Support For DOGE Bottom Claims
Apart from technicals, certain fundamentals suggest that the bottom is in for the Dogecoin price. 21Shares’ filing for a spot Dogecoin ETF is fuelling a small rally for the dog-themed meme coin.
A previous collaboration between 21Shares and House of Doge for a Dogecoin ETP on the SIX Swiss Exchange is a tailwind for the asset. DOGE has survived the scare stemming from Elon Musk’s imminent departure from DOGE as it eyes the $1 mark.
However, DOGE will have to contend with heavy selling pressure from whales and the broader macroeconomic pressures impacting the cryptocurrency markets to avoid slipping below the support level again.
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