Dogecoin (DOGE) Price Prediction: DOGE Prepares For A Major Rebound, Targeting $4

Since the beginning of this year, Dogecoin, the largest meme coin, has been riding the bearish wave, dropping from its yearly high of $0.48 to as low as $0.15.

The price of Dogecoin (CRYPTO: DOGE) has dropped significantly since the beginning of the year, but recent developments might suggest that this substantial drop might be nearing its end.

Dogecoin: What To Know

Dogecoin, the largest meme coin, has been largely riding the bearish wave this year. From its yearly high of $0.48, DOGE dropped to as low as $0.15.

This persistent descent is a testament to the highly volatile nature of the cryptocurrency market. Nonetheless, this substantial drop might be nearing its end as analysts identify developments that signal a possible price reversal.

In an X (formerly Twitter) post, Ali Martinez, a technical and on-chain analyst at Stonks Terminal, predicted an upsurge for DOGE in the short term. The analyst’s forecast is based on key momentum signals like the Stock Relative Strength Index (RSI), which is beginning to turn positive during ongoing volatility.

A Stock RSI indicator turning positive within bearish market conditions indicates growing upward momentum. As a result, Martinez believes that the meme coin could be preparing for a major rebound toward higher levels.

Analyst Predicts Short-Term Upsurge For Dogecoin As Momentum Signals Key Recovery

"Momentum is KEY in markets. Especially when they're in a TREND.

As we discussed yesterday, some momentum fibals are showing signs of stabilization.

Relative Strength Index (RSI) is also starting to turn positive during the chop. A Stock RSI turning positive in a bear market signals INCREASING MOMENTUM.

Hence, why I think we could see a good move up from here on $DOGE."

Another market expert and investor known as Trader Tardigrade shared an analysis that hints at a potential rally, with the possibility that DOGE might have reached its bottom.

His prediction has sparked optimism toward Dogecoin as technical indicators hint at a possible change in momentum and its price consolidating near critical support levels.

Delving into DOGE’s price action in the monthly time frame, Trader Tardigrade pointed out a massive Macro Channel formation. A Macro Channel is a technical formation that describes a long-term trend in which an asset fluctuates between two parallel trendlines, suggesting a possible consolidation or a persistent price action.

Dogecoin seems to have been following this huge chart pattern since the meme coin was introduced in the ever-dynamic world of cryptocurrency.

However, if DOGE stays inside the macro channel without deviating this time, it may imply that a bottom has been reached. With Dogecoin reaching a bottom, Trader Tardigrade is confident that a massive upward move will follow.

According to the expert, looking at the chart, the upcoming rally could reach as high as $4 and beyond, marking a new all-time high for the meme coin and probably its best bull run market cycle ever. When DOGE faces an upside direction, it signals the start of a renewed phase for prices and the confirmation of the current downward trend.

At the time of writing, DOGE was trading at $0.16, demonstrating a 24-hour decline of nearly 2%. Investors’ sentiment is becoming bearish, as evidenced by a more than 12% decrease in trading volume in the past 24 hours.