Dogecoin, the largest dog-themed meme coin, has gained an upward trajectory with attraction significant interest and investor attention. Given its robust return of bullish momentum, several cryptocurrency analysts believe that DOGE may continue to move higher towards higher levels, boosted by bullish indicators.
An upcoming chart pattern that will strengthen Dogecoin’s uptrend
With the current market surge, Rose Premium Signals, the technical analysis platform delved deeper into Dogecoin’s recent movements with a reveal bullish prospects in the compact term. Platform claims that DOGE price action indicates an extension of the upward trajectory as a bullish pattern develops on the daily chart.
Rose Premium Signals says this technical formation is a good sign of continued momentum and potential for massive growth in the near future. This pattern, identified as a double bottom pattern, is in line with rising market sentiment and investor interest in DOGE, which could push the meme coin to higher price levels.
According to the platform, Dogecoin is showing signs of a possible bullish reversal in the form of a double bottom pattern. As momentum increases to create an additional uptrend, price emerges from a descending channel pattern.
DOGE’s breakout from a descending channel indicates its renewed strength, driven by the resurgence of the overall cryptocurrency market. Moreover, the classic recovery structure is consistent with a breakout, suggesting a robust rally towards key resistance levels.
As Dogecoin begins its expected massive rally, the platform has placed next potential targets for DOGE at $0.56261 and $0.63998. Looking at the chart, Rose Premium Signals quotes that growth can push the market the same corner further to $0.70717, narrowing the gap from the all-time high of $0.73.
This development may generate optimism among waiting investors and traders Another bullish breakout of DOGE in the coming weeks. Meanwhile, DOGE continues to fluctuate between $0.369 and $0.38, reflecting price stability.
DOGE is one of the strongest in the current bull run
Although DOSE has been unable to regain its current all-time high or create a recent high, it is still considered one of the best-performing crypto assets in the bull cycle. After a period of stagnation, Dogecoin regained its upward momentum, pushing it higher above the key price level of $0.35.
Regarding its performance in volatile conditions, Daan Crypto Trades, market expert and trader highlighted that DOGE remained stronger on the second market color compared to most coins. While other major coins such as Bitcoin AND Ether made recent lows during this week’s color, DOGE made a nice higher low and is trading back into the local range.
Daan Crypto Trades expects Dogecoin to trade around $0.4 shortly before reaching cyclical highs again. That’s why he believes the meme coin is one of the strongest in the ongoing cycle.
Featured image from Unsplash, chart from Tradingview.com
