"Defying Bearish Momentum, Dogecoin (DOGE) Has Resumed Its Price Take-Off"

"Dogecoin has defied earlier bearish momentum to resume price take-off, with bullish whale activities contributing to the upward trajectory."

Dogecoin (CRYPTO: DOGE) has recovered earlier bearish momentum and resumed price take-off, with bullish whale activities contributing to the upward trajectory.

What Happened

The meme coin alpha has taken off after a period of clumsy price action. For context, DOGE retraced 70% from its December high of $0.4846 to a low of $0.1432 but has since rallied 42% from the dip to its current market price.

Interestingly, analyst Kamran Asghar believes the bullish recovery places Dogecoin back on course for its cyclical price explosion to unprecedented prices. He noted in a March 25 post that the blast-off has begun.

"After a strong hold at $0.16, #Dogecoin is now showing signs of a breakout. As the crucial level, any price action below $0.15 would have brought a different scenario. However, buyers were able to push the cryptocurrency higher."

Dogecoin has resumed an upward trajectory following its hold above the crucial level at $0.16, as identified by prominent analyst, Ali Marinez. The market watcher predicted that the meme coin market leader would see higher prices if the demand zone held.

Further, Asghar suggested that the recent bounce aligns with the asset’s cyclical price bullishness, which kickstarted after a successful retest in August 2024. For perspective, Dogecoin broke from a three-year-old descending triangle in February but pulled back to retest the structure’s resistance trendline.

With a successful retest, the asset set out for higher prices, surging to December’s high before the latest decline. Nonetheless, the analyst highlighted that DOGE has more upsides from here, drawing inspiration from the token’s performance in the previous cycle.

An accompanying chart shows similar price action in the past two bull seasons, where Dogecoin surged over 20,566% and 44,471%. Asghar predicts that based on previous cyclical performances, DOGE’s recent form rediscovery will spur a staggering 2,852% rally to $6.

Asghar's analysis aligns with a price prediction from analyst Doge Lord, who predicts the same target for Dogecoin. He asserted that $6 is the meme coin’s next goal, citing the third wave of a five-wave Elliot Wave structure on the 7-day timeframe.

Dogecoin $6 by 2025

Still no signs of exhaustion in this third wave. We can clearly see the 7-day chart forming a third wave of a five-wave Elliot Wave structure. From the lows of 2022, the first two waves took us to December 2023 highs. A third wave can take us much higher. pic.twitter.com.9