Dogecoin (DOGE) Flashes Bullish Pattern, Signals a Potential Reversal, and a Rally to $0.5 Looks Likely

Crypto analyst Trader Tardigrade has provided an update on Dogecoin's current price action. The analyst revealed that the meme coin has signaled a bullish

Crypto analyst Trader Tardigrade has shared an update on Dogecoin’s price action, revealing a bullish crossover on the moving average convergence/divergence (MACD). Here's what the analyst thinks about DOGE's next move.

Dogecoin Flashes Bullish Pattern

In a recent X post, Trader Tardigrade revealed that Dogecoin’s MACD has signaled a bullish crossover and that the price structure is showing multiple higher lows along a recent rebound. These, the analyst noted, indicate that DOGE has gained more buying power and may have completed the pullback.

Based on the analysis, the Dogecoin price looks set for a bullish reversal, having consolidated for almost a month since the first phase of the bull run. Trader Tardigrade’s chart showed that DOGE could rally to around $0.5 in the next leg of the bull run.

The crypto analyst recently predicted that the Dogecoin price could hit double digits in this market cycle, as it appeared to be replicating the two sub-cycles from the 2017 bull run. The first sub-cycle appears to be the parabolic rally that Dogecoin recorded between October and early November. The crypto analyst suggested that DOGE could reach as high as $30 when the second sub-cycle occurs.

Meanwhile, crypto analyst Master Kenobi suggested that the next leg up for the Dogecoin price could begin around December 30. He stated that the leading meme coin would likely experience red weeks between now and then. Master Kenobi suggested that these price declines were necessary. At the same time, he predicted that Dogecoin could either hit a new all-time high (ATH) by December 30 or next month as Donald Trump takes office.

DOGE's Fate Is In Bitcoin’s Hands

In a separate X post, crypto analyst Kevin Capital stated that Dogecoin is not in control of itself and that its fate lies purely in Bitcoin’s hands. As such, he believes that focusing too much on DOGE’s price action might be a waste of time. However, the analyst went ahead to share some observations on DOGE's current price action.

He stated that Dogecoin is currently trading between the macro golden pocket and the macro .5 Fibonacci level. These, Kevin added, are two critical support and resistance areas, and a break of either will cause a “cascading effect of aggressive movement.” At the same time, the crypto analyst is convinced that the DOGE bull run is still on.

He stated that there is no indication that the cycle is over. Thus, he expects the Dogecoin price to continue rallying higher eventually. In the meantime, he urged market participants to do nothing else but wait for the DOGE bull run to continue.

At the last check, the Dogecoin price is trading at around $0.4, down over 3% in the last 24 hours, according to data from CoinMarketCap.