With the renewed momentum seen across cryptocurrency, Dogecoin is showing robust resilience as the dog-themed meme coin has entered a major chart formation, signaling a potential shift in price trend and further solidifying its potential for a major rally in this ongoing bull cycle.
Dogecoin’s path to $0.2 is gaining momentum
In an important step, Dogecoin, the largest meme coin, has made a major breakthrough and attracted the attention of the community with several seasoned crypto analysts predicting that a rally could be on the horizon. The breakthrough signals increased interest and activity among market players in cryptocurrencies, which has recently created multiple resistance levels.
Trader Tardigrader, a market expert and enthusiast who delves into the meme coin’s recent price movements, has predicted the possibility of an upcoming upward move, pushing the price to $0.2 in the short term. The crypto expert’s prediction is based on a breakout to a bearish megaphone pattern, demonstrating its resilience in the face of previous turbulence.
According to the analyst, the meme coin broke out into a bearish megaphone pattern when Dogecoin’s daily candle closed. This outbreak has given traders and investors new hope, as many see it as an early sign of rising momentum.
He further emphasized that on the 1-day chart, DOGE shows signs of momentum. As a result, the market expert has predicted that Dogecoin could see a rise towards the $0.2 level once it breaks out of the descending megaphone formation.
Trader Tardigrade before predicted that Dogecoin could be about to do something else, suggesting a possible price shift to an optimistic trend. He made this bold claim because of the same angle trending around the 10 weighted moving average (WMA) on the weekly time frame, a key positive indicator.
On the chart, the analyst noted that two false breaks occurred in May and July of this year, after which the downward trend continued. So several signs are now visible, such as a breakout, a follow-up candle, a retest and a continuation of the uptrend.
DOGE is seeing a strong rally over the past day
Dogecoin is currently in the spotlight after a notable rebound from a prolonged downtrend a few weeks ago. Combining the recent optimism in the overall market and investors‘ interest in DOGE, the meme coin has witnessed a rise of over 14% in the past day.
In a broader perspective, such as the 1-week and 1-month timeframe, DOGE has posted gains of over 16% and 30%. Given the magnitude of the increase, there are speculations that the long-awaited meme coin season could happen soon DOGE leads the charge.
Investors appear confident of further upside, as evidenced by a continued surge in trading volume, which has increased by around 122% over the past 24 hours, according to data from CoinMarketCap.
Featured image from Unsplash, chart from Tradingview.com