TLDR:
- Dogecoin forms an inverse head and shoulders, signaling a possible trend reversal on the daily chart.
- Breakout above the $0.17 neckline confirmed; price now retests key support for the next move.
- $0.34 price target projected from pattern structure, implying over 90% upside potential.
- A daily gain of 5.42% signals short-term strength, despite a 7-day decline of over 10%.
Dogecoin (DOGE) price action has seen the memecoin form a technical pattern that often precedes a bullish reversal. The pattern, known as an Inverse Head and Shoulders, suggests a possible trend shift in favor of buyers.
DOGE recently broke above its neckline level and is now retesting that same price zone. If the support holds, it may trigger another rally phase in the coming sessions. Market watchers are now closely monitoring this level for confirmation of the pattern’s strength.
Dogecoin Forms Bullish Pattern on Daily Chart
According to a recent chart shared by Bitcoinsensus on X, Dogecoin has completed a clear Inverse Head and Shoulders structure.
The pattern began with a left shoulder in early March, followed by a deeper low forming the head in April. A right shoulder developed in May, creating symmetry that aligns with traditional pattern characteristics.
🚀 DOGE Bullish Pattern Alert: Inverse Head & Shoulders in Play$DOGE is forming a textbook Inverse Head and Shoulders pattern, a classic bullish reversal signal. After breaking above the neckline around $0.17, it’s now retesting that level, which is a typical technical behavior… pic.twitter.com/5eZHnmzhtt
— Bitcoinsensus (@Bitcoinsensus) June 6, 2025
The neckline was drawn across two key resistance levels, with one breaking in late May. This breakout marked the first confirmation of a potential reversal. The current Dogecoin price action shows a pullback to that same neckline, a typical movement before a continuation.
Bitcoinsensus projected a price target of $0.34 for DOGE, derived from the vertical distance between the pattern’s head and neckline. This implies a potential 100% upside from the breakout level at $0.17. The price is currently testing that neckline, and a strong bounce could confirm the bullish outlook.
Traders often see such retests as an opportunity for entry, especially if buying volume strengthens. A successful hold above $0.17 may suggest DOGE is preparing for another leg up.
DOGE Price Update: Gains Despite Weekly Decline
Based on recent data from CoinGecko, the Dogecoin price stands at $0.1798 as of June 6, 2025. It recorded a 5.42% increase in the last 24 hours. However, the token remains down 10.05% over the past seven days, reflecting earlier market volatility.
Despite the recent weekly loss, the technical setup remains intact. Traders are now focused on whether bulls can reclaim momentum at the neckline support.
Technical analysts consider volume and price reaction at support zones crucial for validating breakouts. If DOGE sees renewed buying interest above $0.17, the Inverse Head and Shoulders pattern could play out fully. This setup, if confirmed, would position DOGE for its next major move toward the $0.34 mark.
With the chart pattern aligning closely with historical reversal behavior, the DOGE price action around the neckline remains a key level to watch in the days ahead.
