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Crypto analyst Trader Tardigrade has provided an update on Dogecoin’s current price action. The analyst revealed that the meme coin has signaled a bullish crossover on the moving average convergence/divergence (MACD) and suggested where the DOGE price is headed next.
Dogecoin Flashes Bullish Pattern
In an X post, Trader Tardigrade revealed that Dogecoin’s MACD has signaled a bullish crossover and that the price structure is showing multiple higher lows along a recent rebound. The analyst noted that these indicate that DOGE has gained more buying power and may have completed the pullback.
Based on his analysis, the Dogecoin price looks well-primed to witness a bullish reversal, having consolidated for almost a month since the first phase of its bull run. Trader Tardigrade’s accompanying chart showed that DOGE could rally to around $0.5 on the next leg of its bull run.
The crypto analyst had recently predicted that the Dogecoin price could hit double digits in this market cycle, as it looked to be replicating the two sub-cycles from the 2017 bull run. The first sub-cycle looks to have been the parabolic rally that Dogecoin recorded between October and early November. The crypto analyst suggested that DOGE could reach as high as $30 when the second sub-cycle occurs.
Meanwhile, crypto analyst Master Kenobi suggested that the next leg up for the Dogecoin price could begin around December 30. He stated that the foremost meme coin would likely experience red weeks between now and then. Master Kenobi suggested that these price declines were necessary. Meanwhile, he predicted that Dogecoin could either hit a new all-time high (ATH) by December 30 or next month as Donald Trump takes office.
DOGE’s Fate Is In Bitcoin’s Hands
In an X post, crypto analyst Kevin Capital stated that Dogecoin is not in control of itself and that its fate lies purely in Bitcoin’s hands. As such, he believes that overly focusing on DOGE’s price action might be a waste of time. However, the analyst provided some insights into DOGE’s current price action.
He stated that Dogecoin is currently trading between the macro golden pocket and the macro .5 Fibonacci level. Kevin further revealed that these are two major areas of support and resistance, and a break of either will cause a “cascading effect of aggressive movement.” Meanwhile, the crypto analyst is confident that the DOGE bull run is still ongoing.
He stated that nothing shows the cycle is over. Therefore, he expects the Dogecoin price to rally higher sooner or later. In the meantime, he advised market participants to do nothing else but wait for the DOGE bull run to continue.
At the time of writing, the Dogecoin price is trading at around $0.4, down over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
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