The recent Dogecoin price correction threatened to send it crashing back below $0.2. But with momentum holding up nicely during this time, bulls have been able to maintain major support above this level. If this support continues to hold, then it could serve as the bounce-off point for the next wave of bullish momentum.
Dogecoin Price Breakout Could Send Price Above $0.45
Pseudonymous crypto analyst Setupsfx pointed out in a TradingView post that the Dogecoin price has now landed at a critical support level that lies above $0.2. This serves as the last line of defense against bears as sellers look to push the price downward.
However, over the last two major corrections and flash dips, the Dogecoin price has been able to maintain support above $0.2. This suggests that there is still a lot of bullish momentum, something that could actually trigger a new wave of bullish strength.
As the analyst explains, the Dogecoin price is already on the verge of exploding due to the strong bullish movement. If this trend ends up playing out, it means that the meme coin could see an over 100% increase that could put its price above $0.45, with a possible campaign for $0.5 before the run is over.
Analysts Agree On Possible Bullish Move
Conversations around the Dogecoin price seem to be in consensus that the meme coin is gearing up for a major move. Crypto analyst Cas Abbé echoes this in their own analysis of the cryptocurrency, pointing out multiple reasons why DOGE continues to be bullish from here.
As Abbé explains, the Dogecoin price had been in a period of prolonged consolidation before entering a new expansion phase. During this time, the digital asset has been able to maintain its long-standing support above $0.2, something that bodes well despite the current bearish momentum.
Furthermore, the Dogecoin breakout trends recently have been supported by rising volumes as there has been more interest in the meme coin during this time. It also plays into established trends of the DOGE price, where there are long periods of sideways trading before sudden price explosions.
Thus, if the Dogecoin price does maintain this trend, then it could be getting ready for another period of price expansion. As on-chain activity remains reasonably high, a 100% increase is not out of the question, as seen in previous cycles.
