Recent price movements suggest a potential return to Dogecoin’s upward momentum amid increasing volatility in the overall cryptocurrency market. As a result, several crypto analysts still show great confidence in dog-themed meme coins upward trajectory towards higher levels.
Dogecoin rally just around the corner?
Despite the prevailing bearish market sentiment, a bullish sign has been spotted in Dogecoin’s current price performance. Market expert and investor Trader Tardigrade has he noticed that DOGE may be preparing to make a major move in the near future. This bold prediction indicates the meme coin’s resilience and stability in the face of deteriorating conditions. His growing confidence in Dogecoin is solely attributed to the bullish trend quoted on the 3-day DOGE time frame, especially in the uptrend zone.
Dogecoin has turned previous resistance into support, signaling renewed strength in the market, according to a market expert the same cornerprice action. Meanwhile, price rejection is apparent in the uptrend zone.
Investors and traders noticed this hopeful trendseeing this as a possible basis for future growth dynamics. Trader Tardigrade says the development is a good and encouraging indication that the market continues to move in the right direction.
Dogecoin is further showing its potential for a significant upside rally once an ascending channel pattern forms. This key pattern, also known as an up channel, consists of two lines pointing upwards, representing resistance and support levels or higher highs and higher lows.
Expert highlighted that Dogecoin, forming a key pattern from below, has reached near the upper line of the channel. As market sentiment improves, DOGE’s ability to break its newly established pattern could pave the way for significant price gains in the coming sessions.
Trader Tardigrade emphasized that the expected breakout may occur in the near future, citing the recreation of the immense bullish candle observed in January 2021. He expects an official announcement about business tycoon Elon Musk taking over as the company’s head DOGE (Department of Government Effectiveness) in January 2025 to drive the price of the meme coin, possibly reaching recent all-time highs.
DOGE The bearish results continue
Dogecoin continues to witness declines, which increases uncertainty about its near-term potential. The continued decline has impacted investor confidence, resulting in a nearly 25% decline in trading volume over the past day.
At the time of writing DOSE was trading at $0.31, indicating a decline of over 20% in the last 7 days. Once DOGE regains its bullish strength, the next key resistance level to watch could be the $0.337 level. Justin Bennet, technical analyst and trader, predicts rising to $0.48 and $0.74 if the meme coin recovers to $0.337 on the daily time frame and above.
Featured image from iStock, chart from Tradigview.com
