With the general crypto market under severe pressure, Dogecoin declined sharply, reaching a low of $0.327 on Wednesday. Despite the notable price drop, DOGE’s potential for significant upside in the current cycle may still be intact, as past trends suggest a persistent bullish phase.
Final phase of Dogecoin’s Bull Run on the horizon?
Dogecoin may have triggered fear and uncertainty among investors after its latest price drop. However, with positive price trends developing, the short- and long-term outlook for the dog-themed meme coin remains optimistic as this cycle progresses.
Following a review of Dogecoin’s recent price action, market expert and investor Trader Tardigrade has underlines an extension of DOGE’s bullish phase. In his analysis, the expert predicted that DOGE’s latest bull run could be on the horizon.
This prediction, which has caught the attention of the community, aligns with trends from previous cycles, suggesting that its latest bull run may be about to begin. Historical trends show that this move preceded strong rallies in the past, triggering speculation about a price resurgence among investors.
As observed in past models, the coin consolidated for a few months near its all-time high levels before its last peak in 2017. Meanwhile, a similar trend has emerged in this ongoing cycle as the one-month chart shows DOGE currently consolidating near key levels.
If DOGE repeats the same result, Trader Tardigrade claims that the current consolidation could continue for a few months until the final bull run takes place. As a result, the expert predicts a rally close to Level 6 $marking a new all-time high and possible market top for DOGE.
Given the growing confidence in the market and increasing activitycrypto enthusiasts are actively monitoring DOGE’s price trajectory as the meme coin soars toward significant barriers.
Given the positive price development, Trader Tardigrade urged investors to be firm, noting now is not the time to sell or short DOGE. Indeed, Dogecoin is retesting the top of the ascending triangle formation, reflecting a positive outlook for the meme coin.
When an ascending triangle pattern unfolds, it usually indicates bullish momentum. DOGE’s move to the upper line suggests potential bullish breakout if the price maintains above the line in the coming days.
DOGE’s next big rally will take place in 2025
Recent bearish performance in the general crypto market has triggered a notable decline in DOGE. Despite the decline, KrissPax, a crypto expert, highlighted that Dogecoin’s price action is quite similar to past trends from a year ago that preceded an upward move.
KrissPax noted that before a significant increase in 2024, the asset increased in November 2023, then fell and consolidated. In November 2024, DOGE also traded higher, then fell and is currently consolidating. For this reason, the expert anticipates Dogecoin’s next major rally in the coming weeks.
Featured image from Unsplash, chart from Tradingview.com