Although its persistent waning price performance has cast a dark shadow towards its upside path, Dogecoin still has the potential to recover crucial key resistance levels and make a major rally. Unfazed by its current bearish movements, many crypto analysts have predicted a notable rebound for DOGE in the upcoming days.
A Move To $0.29 Level In Sight For Dogecoin
With the market turning bullish and Dogecoin’s gathering momentum for an upswing, a price rebound could be likely in the short term. Seasoned market expert and investor Ali Martinez has forecasted an upcoming price recovery for DOGE. However, there is a catch.
Dogecoin may be setting the stage for a comeback, but a key support level could act as a springboard for a rally to crucial resistance levels. Ali Martinez believes that the dog-themed meme coin is preparing for a huge performance this week.
While the expert anticipates a significant performance this week, he noted that the upward growth hinges on the $0.13 support zone. As long as it maintains the crucial $0.13 support, a close over $0.17 is likely. This push above $0.17 would trigger an extended surge to $0.21 or $0.29 in the upcoming days.
Martinez’s analysis suggests that the meme coin can rekindle its bullish momentum and attempt to retake the $0.29 resistance level. Such actions could mark a recovery to a major price rally in the short term, as crypto enthusiasts anticipate new all-time highs before this cycle ends.
Looking at Dogecoin’s price action on the 12-hour chart, the asset has formed a bullish chart pattern that hints at substantial growth. World Of Charts, a technical analyst, revealed a huge Falling Wedge formation, which began late last year, indicating that DOGE is gathering momentum for an upswing.
According to World Of Charts, the upcoming surge will be equivalent to the previous rally observed in October last year. During the period, DOGE witnessed a more than 3x price growth to its current yearly high of $0.48.
It is worth noting that DOGE went parabolic after breaking out of a falling wedge pattern. Meanwhile, the meme coin is presently on the verge of breaking out of another falling wedge formation. Should the breakout occur, World of Charts expects a similar 3x price rally as October from its current value.
DOGE Wyckoff Accumulation Trend Continues
DOGE eyes a bullish period as the meme coin has moved into phase D of the Wyckoff Accumulation trend. During his last post, Trader Tardigrade highlighted that DOGE had entered phase C of the trend, where it completed a perfect SC (Selling Climax) test.
Presently, Dogecoin has completed another test of the Last Point of Support (LPS) in phase D. After the move of Sign of Strength (SOS) and Back-up/Last Point of Support (BU/LPS), Trader Tardigrade will extend in phase E and then the Mark-up phase. In this phase, the asset will experience a strong rebound, targeting $0.21 and above.
