Dogecoin (DOGE) Price: Can the Doji Star Pattern Trigger a Rebound Above $0.50?

The trading situation on the daily chart for Dogecoin shows that DOGE may have found a potential phase bottom.

A dragonfly doji candlestick has appeared at the Fibonacci retracement level of 0.618, which corresponds to the price of $0.27295, clearly indicating that DOGE's price is encountering resistance at this level.

Such patterns usually signify a reversal in trend, suggesting that Dogecoin may have established a solid support level after experiencing a downtrend.

Once the support level is firmly established, Dogecoin (DOGE) is highly likely to embark on a rebound journey, with a potential target aimed at the crucial $0.50 level. If the market sentiment continues to improve, breaking through this level is just around the corner.

Reviewing historical price responses to such patterns, this scenario is highly likely to confirm the reversal signal, thereby triggering a sustained upward trend, adding numerous possibilities for Dogecoin's subsequent market performance, which is worth the investors' close attention.

Further analysis indicates that Dogecoin closely follows a cyclical pattern consistent with Bitcoin, especially after the third BTC halving.

The cycles of 2016 and 2020 show that DOGE peaked within three to four weeks after Bitcoin reached its peak.

Given Dogecoin's (DOGE) strong upward momentum towards the end of 2024, successfully surpassing the previous third-year high, the market holds higher expectations for its performance in 2025.

As of the time of writing, the value of DOGE has risen to $0.31, undoubtedly laying a solid foundation for the price trend in the following year.

The number of DOGE tokens held between 1,000,000 and 10,000,000, coupled with the price drop of DOGE in early December, has led to a surge in whale trading, indicating that whales made strategic purchases at lower prices.