Dogecoin stock price could be rising for a strong bullish trendas a crypto analyst has identified a recurring pattern in meme dog trends. This optimistic view of Dogecoin's future path comes after the meme coin experienced a severe price crash of over 46%, pushing it to low levels.
The price of Dogecoin is getting ready for a big bullish move
During a withdraw price In December, Dogecoin suffered a massive crash of 46%, falling from its annual high as it was driven through a massive cooling. Despite this correction, the dog meme is showing signs of recoveryare experiencing renewed strength after posting big gains in January.
Maelius crypto analyzer divided on X (formerly Twitter) that the recent Dogecoin crash may have pushed its price to its lowest point, possibly setting the stage for its next bullish move. According to his analysis report, which takes into account the price action of Dogecoin in the previous cycles, the consistency in the size of the previous waves reinforces the possibility that the meme coin is already there. hit his bottom.
Looking at the analyst's Dogecoin chart, the Meme Coin Inc stock price history shows a recurring pattern of cyclical waves characterized by large rallies and subsequent sharp corrections. Each upward movement, indicated by a wave number on the chart, is strengthened through separate cycles.
For example, in April 2021, Dogecoin recorded a decline of 53%, followed by a massive increase of 1,175% to new all-time highs. A similar but more significant price crash occurred during bear market from July 2022 to 2023. At the time, the price of Dogecoin experienced several price floods and a long consolidation period. Towards the end of 2023, the meme coin saw a small revival, with its price increasing by 308%.
Another distinctive aspect of Maelius' analysis is what has been pointed out shopping zone Dogecoin stock price history. This critical area has historically been a strong supply level for Dogecoin, representing a price area where demand is increasing and collection occurs.
According to Maelius, Dogecoin has bounced from this buying zone, a development seen as a positive move for the next upward movement in the meme base. With the belief that Dogecoin has bottomed and its recent bounce off the overbought zone, the analyst expects a bullish rally that could push the meme coin to its new high level ever from 2.3 $.
Maelius also pointed out that each upward movement in previous cycles was more powerful than the last, meaning The next price level for Dogecoin that could be even stronger than those seen in previous rounds.
The Dogecoin Price Chart is Forming a Bullish Pennant
New analysis of Dogecoin prices by Trader Tardigrade presentations that the current meme coin creating a new Bullish Pennant on his 4-hour schedule. A Bullish Pennant is a technical chart pattern that looks like a small symmetrical triangle, indicating a possible upward trend.
In the case of Dogecoin, the formation of a Bullish Pennant suggests that, after experiencing a previous rally, Dogecoin is going up and they could be preparing for another price increase while it breaks out of this pattern. CoinMarketCap data indicates that Dogecoin building graduallychanged so far -19.3% compared to yesterday.
Featured image created by Dall.E, chart from Tradingview.com
