At the time of writing, the broader crypto market seems quite bullish. Driven by the impressive increase in Bitcoin (BTC) after the 2024 US presidential election, many altcoins and even coins followed suit.
Dogecoin (DOGE) is no exception – in fact, so far it has outperformed BTC on a cumulative basis to date. Since January, BTC prices have increased by 119.62% – during the same period, DOGE prices have increased by 355.51%.
Arguably the most successful meme coin, DOGE has been supported not only by BTC’s bull run, but also by the fact that the next cabinet is expected to be much more crypto-friendly.
Additionally, on November 12, President-elect promise to open the Department of Government Efficiencya presidential advisory commission that will be co-chaired by top Trump allies Elon Musk and Vivek Ramaswamy sparked a bull run that has continued to the present.
Over the past thirty days, DOGE has seen returns of 152.05% and is currently trading at $0.4188 – however, as one trading expert recently pointed out, a key technical indicator suggests the bull run is coming to begin – and that Dogecoin still has a long way to go.
DOGE Price Momentum Oscillator Suggests the Rise Is Just Beginning
The Price Momentum Oscillator (PMO) is a technical analysis indicator that calculates the rate of change of an asset’s price, smoothed twice with exponential moving averages to reduce volatility and provide clearer insight into price action.
Naturally, in past instances where DOGE participated in parabolic rallies, the indicator reached high levels – but on a weekly basis, the PMO is still at low levels, as detailed by a pseudonymous technical analyst. Tardigrade Merchant in an X post on November 29.
Although the disparity is apparent, readers should note that, like all technical indicators, PMO is not 100% reliable: it is a lagging indicator that smoothes prices over time, which makes it likely to respond slowly to rapid price changes.
On the other hand, there is plenty of evidence to suggest that this signal is legitimate: the market as a whole is bullish and the asset appears to be in a favorable situation. parabolic growth channel this suggests a longer-term price target of $3.50.
Analysts are generally bullish on DOGE and believe the asset has more room to grow – and if the alt season finally gets underway, it is well-positioned to receive a huge influx of capital that would serve to strengthen and extend the rally.
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