Dogecoin (DOGE) Price Has Reached a Local Bottom, Paving the Way for a Potentially Significant Rally

Cryptocurrency analyst Trader Tardigrade has reported that the Dogecoin price has reached a local bottom, paving the way for a potentially significant rally.

Dogecoin (CRYPTO: DOGE) might have bottomed out locally, setting the stage for a potentially massive rally, according to cryptocurrency analyst Trader Tardigrade.

In a recent post, Tardigrade said that Dogecoin, or DOGE, showed a local bottom signal. According to him, when the DOGE Moving Average Convergence Divergence (MACD) bearish cross happens, the meme coin usually trades sideways for around a week before starting another leg up.

Tardigrade said that this sideways trading is happening now, suggesting that Dogecoin could be set for a move higher soon. His analysis suggests that within the next week, DOGE could rally as much as 100%, taking it to $0.28 from current levels.

Other analysts have also been chiming in with their bullish outlook on DOGE. Master Kenobi, another prominent figure in the crypto community, previously called for the start of the bull run in Dogecoin. Speaking recently, Kenobi expressed confidence in the coin climbing past $0.16, especially as it has retested and confirmed previous resistance now turned support. He pegged the next big price points at $0.23, $0.33, and finally $0.73, which would be DOGE's current all-time high. Reaching $0.73 could trigger the “mooning” parabolic rally, Kenobi hinted.

Adding to the bullish sentiment, self-proclaimed lead analyst for DOGE Kevin Capital revealed that a daily and weekly golden cross is coming for Dogecoin. This technical pattern, where the shorter-term moving average crosses above the longer-term moving average, is often viewed as a bullish indicator for future price increases. According to Capital, these developments are coming together with a possible Donald Trump presidential victory and Elon Musk pushing for the Department of Government Efficiency (D.O.G.E) initiative, both of which could be having a major impact on Dogecoin in the market.

Elsewhere, another crypto analyst Ali Martinez recently suggested that DOGE is a perfect trade into the U.S. elections. Given its recent price action, Dogecoin has decoupled from other major cryptocurrencies and is now the top performer out of the top 100 cryptos by market capitalization.

At the time of writing, Dogecoin trades up more than 10% over the past 24 hours at around $0.165, according to CoinMarketCap data. The meme coin continues to show promising signs of a sustained move higher, making it a key focus for both traders and analysts.