Dogecoin price rebounded sharply after testing the lower trendline of its descending channel pattern, as visible on the 4-hour chart. The bounce occurred near the $0.31 level, coinciding with the 0.5 Fibonacci retracement line, signaling the potential for short-term relief.

The rebound has pushed DOGE/USD back above $0.32, with the next upside target likely being the channel's upper trendline. This resistance zone aligns closely with the 50-period exponential moving average (EMA) near $0.38 and the 200-period EMA, making it a significant hurdle for the bulls.

Meanwhile, the Relative Strength Index (RSI) has bounced off oversold levels (25.88), hinting at weakening bearish momentum. The trading volume spiked at the bounce point, further supporting the case for a recovery toward the upper channel boundary.

On the downside, failing to maintain support at $0.31 could invite further losses. The next major support is near the 0.618 Fib level at $0.27 in December.

Dogecoin has broken out of a multi-year descending triangle pattern on its weekly chart, setting up a bullish technical target near $0.70. This breakout suggests a potential continuation of the memecoin's long-term upward momentum, with the measured move derived from the triangle's height.