Dogecoin, the largest meme coin, demonstrates notable price upside potential in the near term. With key indicators and past price trends indicating bullish momentum, DOGE could be poised for a much bigger bull run than the recent rally up to the $0.47 level.
A Potential End to Dogecoin’s Recent Correction
Over the past few weeks, Dogecoin has experienced increased volatility, causing the price to drop significantly to around $0.26. However, market expert and trader Daan Crypto Trades has predicted a possible turnaround for the dog-themed meme coin, suggesting that the current correction phase may be coming to an end.
Daan Crypto Trades’ prediction aligns with the idea that such long consolidation phases are seen before upward momentum. Given that DOGE is struggling to rebound again, the conclusion of the current correction could mark the start of a recovery phase for the digital asset.
The expert’s view hinges on a key resistance range that could fuel a substantial boost to Dogecoin at higher levels. Thus, investors and traders are now watching several crucial resistance levels as DOGE prepares for its next major move.
It is worth noting that following the recently concluded US presidential elections, DOGE has been on a remarkable run. After that, the meme coin declined sideways, moved lower and is currently trading just below the weekly level and the bottom of the previous range.
If the meme coin can reclaim the $0.335 and $0.35 region, Daan Crypto Trades expects this high timeframe correction to reach its end. This correction is simply a higher low after a run of about 6x from the August lows. As a result, the analyst predicts DOGE a rally to new cycle highs, perhaps in 2025, once the correction is completely over.
Given the current volatility, the long-term correction that is nearing its end could play a central role in shaping the short-term price dynamics of major markets. coin. However, it will be crucial to monitor overall market conditions in the coming weeks.
Past Trends Suggest a Rally Toward DOGE to $20
Dogecoin’s bullish trend may have slowed, but crypto analyst and trader Javon Marks remains confident about its potential in the current cycle. Given historical trends, Javon Marks suggests that DOGE could be poised for a huge surge, possibly targeting the $20 threshold.
Javon Marks highlights recurring patterns in past cycles, which preceded explosive upward movements toward a new pic for DOGE. Comparing the previous two bullish cycles, DOGE’s performance has become higher than the previous one.
With recent price action aligning with these past trends, DOGE is well-positioned to achieve another impressive bullish performance. A DOGE at $20 more could be the result of the massive bull run expected in this cycle.
Featured image of Adobe Stock, chart from Tradingview.com