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Recent price movements suggest a potential resurgence of Dogecoin’s upward momentum in the midst of growing volatility within the general crypto market. As a result, several crypto analysts continue to display robust confidence in the dog-themed meme coin’s upside trajectory toward higher levels.
A Rally For Dogecoin Just Around The Corner?
Despite prevailing bearish market sentiment, a bullish sign has been spotted in Dogecoin’s current price performance. Market expert and investor Trader Tardigrade has pointed out that DOGE could be gearing up for a major move in the near future. This bold prediction indicates the meme coin’s resiliency and stability amidst waning conditions. His growing confidence in Dogecoin is solely attributed to a bullish trend cited on the DOGE’s 3-day time frame, particularly an Ascending Trend Zone.
According to the market expert, Dogecoin has converted previous resistance into support, signaling renewed strength in the meme coin’s price action. Meanwhile, a price rejection is seen at the ascending trend zone.
Investors and traders have taken notice of this optimistic trend, seeing it as a possible basis for future upward momentum. Trader Tardigrade claims that the development is a good and encouraging indication that the market continues to move in the right direction.
Dogecoin further showcases its potential for substantial upside growth following the formation of an Ascending Channel pattern. This key pattern, also known as channel up, consists of two lines facing an upward direction, representing resistance and support levels or higher highs and higher lows.
The expert highlighted that Dogecoin, forming the key pattern from the bottom, has reached near the upper line of the channel. With market sentiment improving, DOGE’s ability to break above this newly established pattern could pave the way for significant price gains in the coming sessions.
Trader Tardigrade highlighted that the anticipated breakout may occur anytime soon, citing the recreation of a large bullish candle observed in January 2021. He expects the official announcement about business mogul Elon Musk assuming his duties as the head of D.O.G.E (Department of Government Efficiency) in January 2025 to propel the meme coin’s price, possibly reaching new all-time highs.
DOGE Bearish Performance Continues
Dogecoin continues to witness bearish movement, raising uncertainty about its short-term potential. The persistent drop has impacted investors’ confidence, leading to a nearly 25% decline in trading volume in the past day.
At the time of writing, DOGE was trading at $0.31, indicating a more than 20% decrease in the last 7 days. Once DOGE regains its upbeat strength, the next crucial resistance level to watch out for could be the $0.337 mark. Justin Bennet, a technical analyst and trader, anticipates a rally to $0.48 and $0.74 should the meme coin reclaim the $0.337 level on the daily time frame and higher.
Featured image from iStock, chart from Tradigview.com
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