Dogecoin Price Analysis: Anticipated Surge Above $0.30
In recent developments, crypto analyst TradingShot has pinpointed an intriguing pattern on Dogecoin’s (DOGE) chart, suggesting an impending surge above the $0.30 mark. This analysis brings a wave of optimism for Dogecoin enthusiasts, especially after the meme coin was significantly impacted by the recent downturn in the cryptocurrency market.
Analyzing the ‘Channel Down’ Formation in Dogecoin’s Price
According to a post on TradingView by TradingShot, a ‘channel down’ formation on Dogecoin’s chart indicates potential for the price to ascend above $0.30. The analyst detailed that DOGE is currently trading within a two-month Channel Down, which might represent a Bull Flag on a larger scale, aligning with the current Bull Cycle. He noted that despite the timeframe, DOGE’s price was vigorously sold off, reaching its 200-day Moving Average (MA) for the first time since October 2024.
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Furthermore, TradingShot observed that if this pattern represents a one-day Channel Down, the low recorded by Dogecoin on Monday could technically mark the bottom on the pattern’s lower lows trend-line. He referenced a similar event on December 2024, where a rebound approached the 0.786 Fibonacci retracement level.
Potential Rebound and the Future of Dogecoin
With DOGE currently in oversold territory, TradingShot anticipates a new bullish phase targeting $0.3800, just shy of the 0.786 Fibonacci level. This prediction offers hope for Dogecoin, which saw a sharp 40% decline, dropping to as low as $0.20 amidst a market-wide sell-off. Recently, Dogecoin’s value has rebounded following a tariff pause by the US, Mexico, and Canada. However, it still lingers below the crucial $0.30 psychological threshold. Surpassing this level could reignite bullish momentum and extend its upward trajectory.
Signs of an Impending Bull Run for Dogecoin
In a recent social media post, crypto analyst Kevin Capital expressed confidence that Dogecoin’s price is poised to initiate the next phase of its bull run soon. He noted that DOGE has just undergone the second major correction in its bull cycle, drawing parallels to the previous cycle despite the percentage decline.
Kevin Capital further emphasized that if Bitcoin maintains a positive trajectory, Dogecoin’s next upward leg is imminent. Additionally, crypto analyst Trader Tardigrade highlighted a bullish crossover in Dogecoin’s Moving Average Convergence Divergence (MACD) on the 4-hour chart, suggesting increased upward momentum and a potential reversal into a bull run.
Current Market Status
As of now, Dogecoin is trading around $0.26, reflecting a notable increase of over 13% in the last 24 hours, according to CoinMarketCap data. This positive performance indicates the potential for continued growth and reinforces the optimism surrounding Dogecoin’s future trajectory.
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