Cryptocurrency analyst Trader Tardigrade has reported that the Dogecoin price has reached a local bottom, paving the way for a potentially significant rally. In a recent post, Tardigrade detailed that Dogecoin, colloquially known as DOGE, has exhibited a local bottom signal. He pointed out that when the DOGE Moving Average Convergence Divergence (MACD) bearish cross occurs, the meme coin typically trades sideways for about a week before embarking on another bullish run.
According to Tardigrade, this sideways trading is currently in play, suggesting that Dogecoin could soon see an upward movement. His analysis suggests that within the next week, Dogecoin may experience a rally of up to 100%, potentially rising from its current price to $0.28.
Moreover, other analysts have echoed Tardigrade’s upbeat outlook. Master Kenobi, another respected figure in the crypto community, had earlier predicted the start of Dogecoin’s bull run. In a recent statement, Kenobi expressed optimism about the coin’s price climbing above $0.16, especially as it has retested and confirmed previous resistance levels now turned support. He identified the next significant price targets as $0.23, $0.33, and ultimately $0.73, Dogecoin’s current all-time high. Kenobi hinted that reaching $0.73 could trigger a parabolic rally, often referred to as “mooning.”
Adding to the bullish sentiment, Kevin Capital, a self-proclaimed lead analyst for DOGE, revealed that a daily and weekly golden cross for Dogecoin is on the horizon. This technical pattern, characterized by the short-term moving average crossing above the long-term moving average, is often seen as a strong indicator of future price increases. Capital noted that these developments are occurring in conjunction with a possible Donald Trump presidential victory and Elon Musk’s push for the Department of Government Efficiency (D.O.G.E) initiative, both of which could significantly impact Dogecoin’s market performance.
Meanwhile, Ali Martinez, another crypto analyst, recently suggested that Dogecoin is an ideal trade leading up to the U.S. elections. Given its recent price movement, Dogecoin has decoupled from other major cryptocurrencies and is currently the top performer among the top 100 cryptos by market capitalization.
As of now, Dogecoin is priced at approximately $0.165, marking an increase of over 10% in the past 24 hours, as per CoinMarketCap data. The meme coin continues to show promising signs of a sustained upward trajectory, making it a focal point for both traders and analysts alike.
