DogecoinRenewed price momentum has sent shockwaves through the overall cryptocurrency sector. As a result, many enlightened cryptocurrency experts have shown a strong bullish sentiment towards DOGE as they are making predictions about a potential significant rise in the short term while highlighting movements similar to previous trends.
Dogecoin to reverse past cycle trends?
Market expert and trader Crow, in a recent post on X, said He pointed out Dogecoin may be preparing for a major price rise soon, potentially reaching a new all-time high. The expert’s bold prediction is due to past cycle trends and patterns, which supported the path of the dog meme coin to major heights in previous cycles. As a result, Crowe declares, “DOGE is the most obvious play of this cycle.”
Looking at the chart shared by Crowe, the analyst highlighted Similarities between current chart patterns and trends seen in past sessionsindicating that DOGE is positioning itself for an observed move that is consistent with that observed over time.
Furthermore, Crow points to the breakout from the descending triangle pattern in previous sessions that led to Dogecoin’s previous highs, noting that Same angle It formed the same pattern and broke out of the crucial chart formation. According to his chart, this particular formation has lasted for about three years, indicating the strength of this pattern.
It is important to note that the descending triangle formation is a bearish pattern that anticipates a downtrend breakout consisting of a series of lower highs and a lower resistance level. While a breakout below this pattern can cause a significant downtrend, a breakout above the indicator more often does Huge price increases.
With DOGE breaking out of the pattern on the upside, there is a possibility that the meme coin will see a significant advance to challenge multiple resistance levels. Thus, Crow is confident that the long-awaited upside for DOGE after this major breakout could send it to the pivotal $1 price mark at the end of this bull cycle in 2025.
DOGE sees promising price action
After recovering over the weekend. Doug It has attracted notable gains in the past few days, sparking optimism about its near-term potential. This recovery is due to the general bullish sentiment in the market.
Since the market rebound, Dogecoin has become one of the best-performing crypto assets, with gains of around 25% in the past week. Currently, DOGE has recovered to the $0.17 price level, reflecting a 6% increase in price Last 24 hours.
Despite the rise in prices, investors and traders may be selling their holdings, as evidenced by the decline in daily trading volume, which fell by more than 12%. If this trend continues, the current bullish momentum of the meme coin may lose steam, leading to a correction in the coming days.
Featured image from Unsplash, chart from Tradingview.com