Dogecoin, the leading canine-themed meme cryptocurrency, has experienced an upward trend, drawing considerable attention and interest from investors. With its strong resurgence of positive momentum, multiple cryptocurrency analysts are of the opinion that DOGE may continue its ascent towards higher values, supported by optimistic indicators.
Upcoming Chart Formation To Propel Dogecoin’s Rise
In light of the recent market surge, Rose Premium Signals, a technical analysis service, has examined Dogecoin’s latest movements, unveiling a positive forecast for the short term. The platform asserts that DOGE’s price activity indicates a continuation of its upward path as a bullish pattern emerges on the daily chart.
Rose Premium Signals believes this technical pattern signifies sustained momentum and the possibility of a significant rally in the near future. The identified structure, known as a Double-Bottom pattern, aligns with a rising market sentiment and investors’ enthusiasm for DOGE, which could drive the meme cryptocurrency to elevated price levels.
According to the platform, Dogecoin is demonstrating potential signs of a bullish reversal with the double-bottom pattern. As momentum builds for another upward rally, the price is breaking away from the descending channel formation.
DOGE’s breakout from the falling channel indicates renewed vigor, spurred by a resurgence in the overall cryptocurrency market. Additionally, a traditional recovery structure aligns with the breakout, hinting at a strong rally toward significant resistance levels.
Once Dogecoin commences the forecasted substantial rally, the platform has designated the forthcoming potential targets for DOGE at the $0.56261 and $0.63998 points. Reviewing the chart, Rose Premium Signals mentions that the upswing could advance the meme cryptocurrency closer to $0.70717, narrowing its distance from the all-time high of $0.73.
This progression is likely to stimulate optimism among investors and traders anticipating DOGE’s next bullish breakthrough in the upcoming weeks. Meanwhile, DOGE remains stable within the range of $0.369 and $0.38.
DOGE Ranks Among The Most Robust In The Current Bull Cycle
Although DOGE has yet to reclaim its all-time high or reach a new peak, it is still regarded as one of the top-performing cryptocurrency assets in the bullish cycle. Following a period of stagnation, Dogecoin has regained its upward momentum, causing a surge above the crucial $0.35 price level.
In light of its performance during turbulent conditions, Daan Crypto Trades, a market specialist and trader pointed out that DOGE has maintained a stronger position during this second market downturn compared to the majority of cryptocurrencies. While other major coins like Bitcoin and Ethereum set new lows during this week’s decline, DOGE established a commendable higher low and is trading back within its local range.
Daan Crypto Trades anticipates Dogecoin to approximate $0.4 soon before attempting another ascent to cycle highs. Therefore, he considers this meme cryptocurrency to be one of the strongest in the current cycle.
Featured image from Unsplash, chart from Tradingview.com
