With the overall cryptocurrency market under intense pressure, Dogecoin It fell sharply, hitting a low of $0.327 on Wednesday. Despite the notable decline in price, DOGE’s ability to rise significantly in the current cycle may remain intact as previous trends point to a sustained bullish phase.
The final phase of Dogecoin’s rise on the horizon?
Dogecoin may have sparked fear and uncertainty among investors after the recent decline in its price. However, with positive price trends emerging, the short-term and long-term outlook for the dog meme coin remains bullish as this cycle progresses.
After examining the recent price action of Dogecoin, Trader Tardigrade, a market expert and investor, did just that Underlined An extension of the bull phase of DOGE. In his analysis, the expert predicted that a recent rise for DOGE could be on the horizon.
This forecast, which has caught the attention of the community, is consistent with trends over previous cycles, suggesting that its latest bull run may be about to begin. Historical trends This movement appears to have preceded strong rallies in the past, sparking speculation about a price return among investors.
As noted in past patterns, the Same angle It consolidated for a few months near all-time highs before its recent surge in 2017. Meanwhile, a similar trend has emerged in this ongoing cycle as the 1-month chart shows that DOGE is currently consolidating near key levels.
If DOGE repeats the same result, Trader Tardigrade claims that the current consolidation may continue for a few months until the final uptrend occurs. As a result, the expert expects a rise close to… $6 levelmarking a new all-time high and potential market high for DOGE.
Due to the increasing confidence in the market and Increased activityCryptocurrency enthusiasts are actively monitoring DOGE’s price trajectory as the memecoin rises towards important hurdles.
Given the ongoing positive price developments, Trader Tardigrade urged investors to hold firm, Pointing This is not a good time to sell or short DOGE. This is because Dogecoin is retesting the top of the ascending triangle formation, reflecting a positive outlook for the memecoin.
When an ascending triangle pattern unfolds, it usually indicates upward momentum. DOGE moving to the upper line indicates potential Bullish breakout If the price continues above the line in the coming days.
The next major DOGE rally will be scheduled for 2025
The recent bearish performance in the overall cryptocurrency market has led to a notable decline in DOGE. Despite the decline, Chris Backes, a cryptocurrency expert, said: Highlight Dogecoin price action is quite similar to previous trends from a year ago that preceded the bullish move.
Chris Backes noted that before the big increase in 2024, the asset rose in November 2023, then fell and consolidated. In November 2024, Doug It also traded higher, then fell, and is currently consolidating. As a result, the expert predicts the next big rally for Dogecoin in the coming weeks.
Featured image from Unsplash, chart from Tradingview.com
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