Dogecoin Price Hovers Below $0.20 Amid Potential Third Bull Wave

Dogecoin's current market price is below $0.20, following a recent rise to $0.208. Analysts are closely observing its trajectory for potential significant moves.

Crypto analyst EtherNasyonaL suggests Dogecoin may enter a third bullish phase, potentially rising above $0.8.
The monthly chart indicates two past bull waves, with the first in 2017 and the second from 2020 to 2021, peaking at $0.7316.
Both phases began after Dogecoin broke above and retested a descending channel of lower highs, supported by the 25 Moving Average (MA).

Dogecoin price

The latest analysis shows Dogecoin breaking free from a downtrend since mid-2021, successfully retesting resistance now turned support around $0.17 to $0.20.
This move aligns with a bounce off the bottom trendline of an ascending channel, indicating accumulation strength.
If the third bull wave mirrors previous patterns, Dogecoin could challenge the $0.73 all-time high, targeting $0.8 initially and possibly reaching as high as $4 long-term.