One More Bull Run About to Start in Dogecoin?

Dogecoin price has displayed a decent gain on a wider time frame. It surged by 366% from October to the first week of December.

Dogecoin price has displayed a decent gain on a wider time frame. It surged by 366% from October to the first week of December.

The price was rising by taking support on the trendline but buyers were weak and failed to continue. The price slipped below the trendline and displayed a continuous fall.

This is the strongest meme coin in terms of market value. Analysts are anticipating another bull run after the dip on a wider time frame.

One More Bull Run About to Start in Dogecoin?

Trader Tradigrade is a crypto analyst who has shared his analysis about DOGE crypto on X. He displayed the DOGE chart and commented that the Dogecoin price is rising in a pattern.

“Dogecoin is setting up for another bull run. 3 years of accumulation are complete and we’ve broken out of the base. On weekly time frame we just had a minor correction and we’re ready to zoom.”

The price is seen forming a triangle pattern on the chart. After a long time, the price broke out of the triangle pattern.

The price is seen testing the lower trendline again and bouncing back. The price broke out of the trendline and displayed a decent rally.

Later, the price slipped back into the trendline. The buyers are weak and failed to continue the price high. The price is seen slipping below the trendline.

After a decent rally, the price is seen struggling to continue up. The sellers are strong and pulled back the price. The price is seen testing the 200-day EMA.

Dogecoin price is now seen slipping below the 200-day EMA and it might be difficult for the buyers to recover. But if the price manages to defend the support level of $0.300 then it might be a bullish signal.

After a pause in bearish momentum, the price has lost around 6% intraday and this selling pressure might bring a panic situation among buyers.

Buyers might get interested once the price crosses above the 20-day EMA. If the price manages to sustain above the 20-day EMA then a strong bullish rally can be seen and the price may reach new ATH.

Dogecoin Price Analysis Based on Chart and Experts’ Views

Dogecoin has seen a significant decline in the past few days, slipping about 23% after a period of substantial gains. The price is now closely watching the critical support level of $0.300.

Analysts believe that despite the short-term bearish pressure, a bullish comeback is likely if the price manages to stay above key resistance levels, especially the 20-day EMA.

Successful defense of the $0.300 mark could set the stage for another upward trend, potentially leading to new all-time highs.

However, slipping below this level might invite further selling and make it challenging to recover. Investors are advised to keep an eye on these developments for the best course of action.