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With the escalating optimistic market attitude, Dogecoin has turned favorable as the well-liked dog-themed meme coin gradually accumulates its recently acquired upward drive. Numerous technical indicators are beginning to emerge on DOGE’s chart, suggesting a potential continuation of the renewed upward trend.
Optimistic Movement Positions Dogecoin For A Surge
After a duration of increased negative performance, Dogecoin has entered an optimistic phase as it aims for the next significant resistance at the $0.17 mark. Given the broader cryptocurrency market’s continued favorable condition, DOGE might retest this critical level in the forthcoming days.
Examining Dogecoin’s present price movements, Trader Tardigrade, an experienced technical analyst and investor, has pointed out a signal indicating that the meme coin is poised for a bullish period. Dogecoin reveals early signs of a potential recovery, and a recent positive shift that strengthens the case for an upcoming upward trend.
On the 1-hour timeframe chart, Trader Tardigrade disclosed that DOGE has established a concealed Bullish Divergence. This vital development is evident on the Relative Strength Index (RSI) chart, a significant momentum gauge.
With this crucial technical indication in play, Trader Tardigrade believes that this development could signify a heightened probability of an upcoming trend continuation. A concealed bullish divergence denotes a persistent uptrend despite a temporary price drop.
Specifically, this action occurs when a momentum gauge, like the RSI or MACD, registers a lower low, as observed on DOGE’s chart. Since the divergence typically precedes upward movements and price surges, Trader Tardigrade’s prediction of an ongoing rally is likely to become a reality shortly.
Historical Trends Indicate A Significant Surge For DOGE
Despite Dogecoin experiencing a significant drop from its yearly peak of $0.48, the meme coin continues to trend along an upward trajectory. Trader Tardigrade has emphasized a substantial ascending support trend line in the 2-week timeframe chart.
The bi-weekly chart illustrates that this pivotal rising trend line has been forming for almost two years, particularly from September 2023 to the present. Such a trend line signifies Dogecoin’s remarkable resistance over the years despite multiple notable pullbacks.
Reviewing the chart, this movement to revisit the ascending trend line seems to be a favorable one. In 2023, DOGE experienced a surge after retesting this trend line. A similar outcome was also noted in September 2024, which ultimately resulted in the current annual high of $0.48.
Considering previous instances as the meme coin tests the trend line once more this year, Trader Tardigrade is optimistic that a significant rally could be imminent. With every instance leading to a larger upward movement than the last, DOGE’s value is likely to witness a sharp increase beyond its annual peak and possibly revisit its current all-time high of $0.73.
Featured image from Pixabay, chart from Tradingview.com
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