Dogecoin Price Forms Local Bottom with Potential 100% Rally
Crypto analyst Trader Tardigrade reported that Dogecoin has reached a local bottom, suggesting a potential 100% price rally from current levels.
Dogecoin Price Forms Local Bottom
In an X post, Trader Tardigrade noted that the Dogecoin price has formed a local bottom signal. He explained that following a bearish cross in the DOGE Moving Average Convergence Divergence (MACD), Dogecoin typically trades sideways for about a week before initiating a bull run.
With the current bearish cross, the DOGE price is expected to rise, potentially reaching $0.28 based on Trader Tardigrade's analysis within the next week. The accompanying chart indicates that Dogecoin could see up to a 100% rally.
The chart illustrates previous instances where Dogecoin formed local bottoms followed by upward movements since its bull run began in September. DOGE has increased over 53% since then, outperforming the top 100 cryptocurrencies by market cap. Analyst Master Kenobi, who accurately predicted the start of this bull run, also indicated that Dogecoin is poised for further gains.
Master Kenobi stated on X that it is significant for the Dogecoin price to remain above $0.16, confirming previous resistance levels as support.
He identified key levels to monitor: after reaching $0.23, targets include $0.33 and the all-time high (ATH) of $0.73. A move to $0.73 could trigger a parabolic rally for DOGE.
Daily And Weekly Golden Cross Pending For DOGE
Kevin Capital, a DOGE analyst on X, indicated that a daily and weekly golden cross is imminent for Dogecoin. This development coincides with expectations surrounding a potential Donald Trump victory and Elon Musk's Department of Government Efficiency (D.O.G.E) proposal.
A Trump victory may catalyze a breakout for Dogecoin above $0.20, enhancing the positive effects of Musk’s D.O.G.E initiative.
Analyst Ali Martinez highlighted Dogecoin as a favorable trade ahead of the US elections, noting its decoupling from other crypto assets and status as a leading gainer among the top 100 cryptocurrencies.
As of now, the Dogecoin price is approximately $0.165, reflecting a 10% increase in the last 24 hours, according to CoinMarketCap.
