Recent price movements suggest a possible revival of Dogecoin's upward movement amid increasing volatility within the broader crypto market. As a result, several crypto analysts continue to express strong confidence in the dog-themed meme coins upside down path to higher levels.
Rally for Dogecoin Just Around the Corner?
Despite the bearish market sentiment, a bullish sign has been seen in Dogecoin's current price performance. Market expert and investor Tardigrade Trader has pointed out that DOGE could be preparing for a big move soon. This bold prediction demonstrates the persistence and resilience of the meme coin amid declining conditions. His growing confidence in him Dogecoin just because of a supporting trend mentioned on the 3-day DOGE chart, specifically the Ascending Trend Zone.
According to a market expert, Dogecoin has turned its previous resistance into support, indicating renewed strength in the one corner'price action. At the same time, price rejection is seen at the uptrend area.
Investors and traders have taken note of this optimistic trendseeing it as a basis for upward mobility in the future. Trader Tardigrade claims that the development is a positive and confident sign that the market continues to move in the right direction.
Dogecoin further demonstrates its potential for significant upside growth after forming an Ascending Channel pattern. This main pattern, also known as an up channel, consists of two opposite lines in an up direction, representing resistance and support levels or higher highs and higher levels.
The expert marked that Dogecoin, which is a major pattern from the bottom, has reached close to 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 indicated that the predicted breakout could happen anytime soon, citing a large bullish candlestick recreation seen in January 2021. He expects an official announcement about business mogul Elon Musk taking to his duties as a leader DOGE (Department of Government Efficiency) in January 2025 to move the meme coin price, possibly reaching new all-time highs.
DOGE Bearish performance continues
Dogecoin continues to see a bearish trend, raising uncertainty about its short-term potential. The ongoing fall has affected investor confidence, resulting in a nearly 25% decline in trading volume over the past day.
At the time of this writing, DOGE changed so far +0.31% compared to yesterday. Once DOGE regains its strong strength, the next key resistance level to watch out for may be the $0.337 mark. Justin Bennet, technical analyst and trader, expected rally to $0.48 and $0.74 if the meme coin regains the $0.337 level on the daily time frame and higher.
Featured image from iStock, card from Tradigview.com
