Dogecoin's daily chart looks quite interesting now. Many are watching a potential inverse head and shoulders pattern forming. If this pattern is finally confirmed, the upward target could reach around $0.19.

**How the pattern is formed**

The left shoulder appeared in early December. Then the head was even lower, with the price dropping to around $0.116 by the end of December. Now the right shoulder is brewing — after a surge in early January, the price pulled back and is currently testing the critical zone between $0.1250 and $0.1350.

The most crucial part is the neckline. It is composed of the gray supply zone from $0.149 to $0.152. In simple terms, the price must break through this area with volume and stabilize for the pattern to be truly confirmed. Only then can we move from the "still drawing the pattern" stage to the "beginning to rise" stage.

**How to estimate the upside potential**

Using the head and shoulders measurement method (neckline level - head low + neckline level), the theoretical target after breakout is approximately $0.186, around $0.19. However, there's a problem — the zone between $0.175 and $0.19 is a strong red supply zone, which could cause a lot of sell orders to pile up there.

**What other technical signals are there**

Looking at the two-day chart, there's a good sign: the price is currently trading above the middle line of the Bollinger Bands (at $0.1343). After a long decline, if the price can hold above the middle line and move closer to the upper band ($0.1526), it indicates that momentum is building.