Recent price action suggests a possible return of Dogecoin’s bullish momentum amid rising volatility within the overall cryptocurrency market. As a result, many cryptocurrency analysts continue to show strong confidence in dog-themed memes An upward path to higher levels.
Is there a rally for Dogecoin coming soon?
Despite the prevailing bearish market sentiment, a bullish signal has been spotted in Dogecoin’s current price performance. Market expert and investor Tardigrade Trader has He pointed out That DOGE could be preparing for a big move in the near future. This bold prediction points to the meme’s resilience and stability amidst dwindling conditions. His growing confidence in Dogecoin This is solely due to the uptrend mentioned in the 3-day DOGE time frame, especially the uptrend zone.
According to a market expert, Dogecoin has turned previous resistance into support, indicating renewed strength in the market Same anglePrice action. Meanwhile, price rejection appears in the uptrend zone.
Investors and traders have noticed this Optimistic trendconsidering it a potential basis for future upward momentum. Trader Tardigrade says that this development is a good and encouraging indicator that the market continues to move in the right direction.
Dogecoin is also displaying its potential for significant upward growth after forming a bullish channel pattern. This major pattern, also known as an upward channel, consists of two lines facing an upward trend, representing resistance and support levels or highs and lows.
The expert Highlight Dogecoin, which is forming the main pattern from below, has arrived near the upper line of the channel. As market sentiment improves, DOGE’s ability to break out of this newly established pattern could pave the way for significant price gains in the coming sessions.
Trader Tardigrade highlighted that the expected breakout could happen anytime soon, pointing to the re-creation of a large bullish candlestick observed in January 2021. The official announcement is expected that business mogul Elon Musk will assume his duties as president of DOGE (Department of Government Efficiency) In January 2025 to push the price of the meme coin, perhaps reaching all-time highs.
DOGE’s bearish performance continues
Dogecoin is still seeing bearish movement, which increases uncertainty about its short-term potential. The continued decline has affected investor confidence, resulting in trading volume falling by approximately 25% in the past day.
At the time of writing, Doug It was trading at $0.31, indicating a decline of more than 20% in the last 7 days. Once DOGE regains its bullish strength, the next crucial resistance level to pay attention to could be the $0.337 mark. Justin Bennett, technical analyst and trader. expected Rising to $0.48 and $0.74 if the meme currency regains the $0.337 level on the daily time frame and higher.
Featured image from iStock, chart from Tradigview.com