Dogecoin, the largest meme coin, shows the potential for a significant price rise in the short term. With the main indicators and Past price trends Pointing to the bullish momentum, DOGE could be poised for a much larger bull run than the recent rise to the $0.47 level.
A possible end to the recent Dogecoin correction
Over the past few weeks, Dogecoin has experienced extreme volatility, resulting in a significant drop in price to around $0.26. However, market expert and trader Daan Crypto Trades has done just that anticipation A possible reversal of the dog-themed meme coin, indicating that the current correction phase may be coming to an end.
Daan Crypto Trades forecast is consistent with the idea that these long consolidation phases appear before bullish momentum. As DOGE struggles to rally again, the outcome of the current correction could mark the beginning of the recovery phase for the digital asset.
The expert’s perspective is based on a key resistance band that may feed into significant support Dogecoin to higher levels. Hence, investors and traders are now keeping an eye on several crucial resistance levels as DOGE prepares for its next major move.
It is worth noting that after the recently concluded US presidential election, DOGE has had a remarkable run. The meme then cut sideways, fell, and is currently trading just below the weekly high and the bottom of the previous range.
If the meme coin can reclaim the $0.335 and $0.35 areas, Daan Crypto Trades expects this higher time frame revision To reach the end. This correction is simply a higher low after a series of approximately 6 August lows. As a result, the analyst expects Doug Rise to new cycle highs, perhaps in 2025, once the correction is fully over.
Given the current volatility, a high time frame correction coming to an end could play a pivotal role in shaping the short-term price dynamics of leading stocks. Same angle. However, broader market conditions will be crucial to pay attention to in the coming weeks.
Previous trends suggest a rise to $20
Dogecoin’s uptrend may have slowed, but cryptocurrency analyst and trader Javon Marks remains confident in its potential in the ongoing cycle. Looking at historical trends, Javon Marks suggests DOGE may be poised for a massive surge, perhaps targeting the $20 threshold.
Javon Marks points to recurring patterns in past cycles, which preceded explosive upward moves into a new cycle Peak DOGE. When comparing the previous two bull cycles, DOGE’s performance is greater than the previous one.
With recent price action consistent with these previous trends, DOGE is well positioned to deliver another impressive upside performance. Over $20 DOGE It may be the result of the huge increase expected in this cycle.
Featured image from Adobe Stock, chart from Tradingview.com
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