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Dogecoin

Dogecoin’s Price Drop Laying The Groundwork For A Major Upside Move, A New All-Time High Close?

Godspower Owie
by Godspower Owie
6 months ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Dogecoin’s recent bearish performance in the past several weeks has cast doubts about its potential in the ongoing bull market cycle and its long-term prospects. DOGE may have declined sharply toward key levels last seen in 2024, but many analysts foresee a price reversal, which could be part of a larger bull trend.

Trader Tardigrade, a seasoned market expert and investor, has outlined an impending significant bullish run for Dogecoin. The analyst expects the price reversal to be bolstered by a prolonged chart pattern, strengthening DOGE’s performance for an upside.

Is It Time For Dogecoin To Witness Another Notable Rally? 

Despite the magnitude of DOGE’s price pullback, there is still hope for a rebound as key indicators point to a growing upward momentum. Delving into the current performance, Trader Tardigrade revealed that the meme coin continues to maintain its Gaussian Channel pattern while undergoing downward movements, indicating resilience in the volatile period.

Related Reading: Dogecoin Recovery Drawing Close? A Bullish Breakout From Descending Chart Patterns Imminent

The drop has brought DOGE’s price closer to the mid-band of the Gaussian Channel formation, which is a bullish signal. This is because the band previously stopped Dogecoin from falling deeper during the Falling Wedge pattern. With DOGE approaching the mid-band, Trader Tardigrade is confident that the time has come for a rebound if it responds similarly to the last time.

Dogecoin
DOGE nearing the Gaussian Channel mid-band | Source: Trader Tardigrade on X

Presently, Dogecoin is hovering around a key support level that previously served as a springboard for a substantial pump. Should the meme coin mirror past trends, another rally could unfold at this point, potentially pushing it back to yearly highs of around $0.48. With the help of huge accumulations at current levels, DOGE also stands the chance to undergo a price reversal in the upcoming weeks.

A Price Drop Before A Major Upsurge

In another of his recent analyses, the expert suggests that DOGE’s sharp price decline might be setting the stage for a huge rally. In other words, the ongoing correction is a natural one that precedes robust upward performance, allowing the dog-themed meme coin to target a new all-time high. His analysis is based solely on past scenarios whereby DOGE surged dramatically after witnessing a strong pullback.

Related Reading: Dogecoin Set For A Rally To New All-Time Highs As Recovery Phase Looms

So far, the meme coin has experienced 3 notable pullbacks, including the ongoing correction since October 2022. Dogecoin’s chart in the 3-day time frame shows that the asset saw a 64% retracement in the first two pullbacks in 2023 and 2024. Following each pullback, DOGE shifted into bullish territory, recording more than 300% and 500% increases, respectively.

Meanwhile, the current price pullback has reached 66%, which Trader Tardigrade believes could offer enough momentum for Dogecoin to pump similarly to past scenarios or even more than that. Looking at the chart, the analyst expects the impending surge to push prices to the $1 milestone, marking a new all-time high for DOGE.

Dogecoin
DOGE trading at $0.15 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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