Dogecoin Bounces Back After Creating a ‘Double Bottom’ Pattern

Dogecoin Climbs 2% After Bullish Reversal Pattern Appears

Dogecoin (DOGE), the largest meme coin by market capitalization, is showing signs of a potential recovery after forming a bullish double bottom pattern during overnight trading.

In early Asian hours, DOGE rose over 2% to trade above $0.16, bouncing back from Monday’s drop that saw prices fall from $0.1663 to $0.1567, according to CoinDesk data.

CoinDesk’s AI analysis identified a classic double bottom formation around the $0.157–$0.158 range, backed by above-average trading volume. The price rebound aligns with a broader market uptick, including a move in Bitcoin (BTC) from roughly $105,200 to $107,000 overnight.

Double bottom patterns typically emerge after a sharp sell-off and are characterized by two similar lows with a brief rally in between. A move above the interim peak—like the one Dogecoin just made—often signals a shift from bearish to bullish sentiment.

Despite the recent upside, DOGE is still trading within a larger downtrend that has persisted since mid-May, marked by a series of lower highs. To break out of this pattern, DOGE would need to close decisively above the $0.17 resistance set over the weekend.

Highlights from CoinDesk AI Analysis:

DOGE’s double bottom pattern formed near the $0.157–$0.158 level with strong volume, especially during 13:00–14:00 UTC on July 1.
The token steadily advanced, closing at $0.161 with rising volume, signaling growing buyer interest.
Between 05:37 and 06:36 UTC on July 2, DOGE saw a modest gain of 0.36%, moving from $0.1605 to $0.1611.
Price action formed an upward channel, with notable spikes in volume at 06:06 and 06:07 UTC (4.4M and 6.0M tokens traded), reinforcing the bullish momentum.
DOGE hit a local peak of $0.1611 at 06:14 before briefly dipping to $0.1606 and closing the hour right back at $0.1611.