Dogecoin (DOGE), the leading memecoin by reported market cap, has disappointed all its holders for the majority of 2026. As of Thursday, the cryptocurrency is down 42.4 percent on a year-to-date basis. However, fortunes might soon be changing for the token as analysts opine that it may be on the verge of a significant move to the upside.
DOGE on the cusp of a major move
According to crypto analyst Celal Kucuker, DOGE is “looking incredibly strong” on the daily chart. The analyst shared the following chart, stating that DOGE may be in the middle of creating a double bottom pattern.
For the uninitiated, a double bottom is a bullish reversal pattern that forms when price tests the same support level twice and fails to break lower, signaling that selling pressure is weakening. Confirmation typically comes when price breaks above the neckline between the two lows, indicating the start of a new uptrend.
The analyst added that DOGE may be following in the footsteps of large-cap coins like Bitcoin and Ethereum, in that it is likely towards the end phase of a local bottom. Kucuker concluded by saying that they wouldn’t be surprised with a 200 percent move.
Meanwhile, fellow DOGE enthusiast, Doge Tipping shared their thoughts on the memecoin’s recent price action. The trader brought attention to the DOGE/BTC trading pair, sharing the following monthly chart – adding that the trading pair is currently at its lowest level in 5 years.
The importance of the DOGE/BTC chart can be understood from the fact that when DOGE/BTC trends higher, it signals that Dogecoin is outperforming Bitcoin and that capital is rotating into higher-risk altcoins – a condition that has historically accompanied the strongest DOGE rallies.
Momentum indicators supporting DOGE
Macro analyst CRYPFLOW shared that on a weekly timeframe, the risk/reward ratio for DOGE looks pretty attractive. The analyst said that DOGE’s relative strength index (RSI) is retesting the downtrend after a breakout.
At the same time, the stoch RSI – a momentum indicator that measures how overbought or oversold the RSI itself is – looks close to a bullish cross. If that cross comes through and DOGE can hold the current zone, then it could see a strong bounce.
DOGE is seeing multiple bullish catalysts in action that could chart its next upward leg. For instance, on June 1, whales bought a total of 200 million DOGE tokens. On the same day, DOGE saw major institutional adoption through Paxos integration.
