Recent price movements suggest a potential resurgence of Dogecoin’s bullish momentum amid increasing volatility in the general crypto market. As a result, several crypto analysts continue to show high confidence in the dog-themed coin. bullish trajectory towards higher levels.
A rally for Dogecoin around the corner?
Despite the prevailing bearish market sentiment, a bullish sign has been spotted in Dogecoin’s current price performance. Trader Tardigrade, market expert and investor, has underlines that DOGE could be gearing up for a major move in the near future. This bold prediction indicates the resilience and stability of the meme coin amid decline. His growing confidence in Dogecoin is solely attributed to a cited uptrend on the 3-day time frame of DOGE, specifically an area of ascending trend.
According to the market expert, Dogecoin converted previous resistance into support, signaling renewed market strength. coinprice action. Meanwhile, a price rejection is observed in the ascending trend zone.
Investors and traders have taken note optimistic trendseeing this as a possible basis for future bullish momentum. Trader Tardigrade says this development is a good and encouraging indication that the market continues to move in the right direction.
Dogecoin further demonstrates its potential for substantial upside growth following the formation of an ascending channel pattern. This key pattern, also known as the ascending channel, consists of two lines pointing upwards, representing resistance and support levels or higher highs and lows.
The expert highlighted as Dogecoin, forming the key pattern from the bottom, reached near the upper channel line. With market sentiment improving, DOGE’s ability to move beyond this newly established pattern could pave the way for significant price gains in the coming sessions.
Trader Tardigrade pointed out that the expected breakout could occur in the near future, citing the recreation of a large bullish candle seen in January 2021. He expects the official announcement of business tycoon Elon taking office Musk at the head of DOGE (Department of Government Efficiency) in January 2025 to propel the price of the meme coin, possibly reaching new all-time highs.
DOGE’s bearish performance continues
Dogecoin continues to witness a bearish movement, raising uncertainty over its near-term potential. The continued decline has impacted investor confidence, leading to a nearly 25% drop in trading volume over the past day.
At the time of writing, DOGE was trading at $0.31, indicating a decline of over 20% in the last 7 days. Once DOGE regains its bullish strength, the next crucial resistance level to watch could be the $0.337 mark. Justin Bennet, technical analyst and trader, anticipates a rally to $0.48 and $0.74 if the meme coin recovers the $0.337 level on the daily time frame and above.
Featured image from iStock, chart from Tradigview.com