Dogecoin (DOGE) Remains Bullish: A Trend-Defining Pattern is Forming

Dogecoin (DOGE) is on the rise as interest from both retail and institutional players looks to push the price higher. It is trading at $0.37184524 at the moment and has a market capitalization of $54,587,478,794. DOGE's price is stronger than most of its competitors and has grown from $0.16 in recent months. It looks like a similar rally that occurred in 2021 is near.

Dogecoin (CRYPTO: DOGE) is rallying as interest from both retail and institutional traders is pushing the price of the meme coin higher.

Here's what's happening and why it matters.

Dogecoin’s price is showing more strength than most of its competitors and has risen from trading at $0.16 a few months ago. Now, the meme coin is trading at $0.37 and looks to be nearing a rally similar to that seen in 2021.

Dogecoin (CRYPTO: DOGE) price is continuing to rally as a trend-defining pattern unfolds on the weekly chart.

After forming the first phase of a bullish reversal pattern called a "rounding bottom" on the weekly timeframe, the price of Dogecoin is now forming the second phase of this formation.

This structure is considered a strong indication that the preceding downtrend is nearing an end and the subsequent uptrend may soon be in motion.

DOGE bulls have an opportunity to set new records as they apply pressure at the $1 long-standing all-time high resistance.

Should Dogecoin be able to close above this level, it would officially declare a bull market.

Coupling the current price patterns with buying pressure has boosted confidence among most traders and investors.

However, the upward momentum in Dogecoin can be attributed to its avid supporters and some recent positive market trends in the crypto world.

As we will see, these factors could be just what DOGE needs to replicate or even exceed the gain it made during its stellar 2021 rally.

1. Trump’s Victory Sparks A Crypto SurgeThe result of the US elections, in which Donald Trump won the presidential race, saw the cryptocurrency market rise. With Donald Trump at the helm of the presidency, his support for the cryptocurrency market is certainly appealing to investors and boosting their confidence in the space.

This also makes Dogecoin, as one of the cultural linchpins of the cryptocurrency community, among the first coins to gain traction under this new vision.

As it turns out, as Bitcoin and other major cryptocurrencies continued their increase, DOGE gained billions in value as many investors made their way into it as a representative of the rally.

President Trump’s words in support of decentralized financial solutions further empowered the whole perspective of Dogecoin.

Now, investors perceive DOGE as something more than just a meme coin, with the potential to become an asset along with a real opportunity to benefit from the booming market.

2. Unwavering Endorsement By Elon MuskElon Musk, the Tesla CEO, has been a semi-activist around Dogecoin. Hence, even today, Musk remains central to Doge’s narrative.

However, Musk’s recent idea of a D.O.G.E (Department of Government Efficiency) will bring an interesting twist to Dogecoin’s story.

The acronyms were particularly creative and seemed to spark excitement, especially with the Dogecoin community, as it is viewed as yet another proof of Musk’s support for the meme currency.

The price of Dogecoin, which has seen sharp price increases in the past, to a large extent, can be attributed to Musk’s ability to create history.

For the most part, Musk’s tweets and statements have been trigger points for price increases for Dogecoin.

His recent activities have not been different. Since the announcement of the D.O.G.E proposal, there has been an influx of new retail investors, which will increase the price of the coin even further.

How High Can DOGE Go?As the momentum picks up, it looks like the possibilities for the price of Dogecoin are high as well.

Analysts expect this for Dogecoin and give a target of 1 dollar in the medium-term horizon, which does not seem far off given the current trends.

On the other hand, 2025 projections indicate that the lowest price for Bitcoin will not fall below $0.0915, while the highest targets are $0.323 and $0.411 for the average price.

Nonetheless, Dogecoin’s dependence on market emotions and community-fostered enthusiasm is what renders its future scope uncertain.

While its loyal fanbase and distinct space in the crypto landscape are a strong base, the long-term success of DOGE will be influenced by consistent interest and future adoption.

Rexas Finance (RXS): The Smarter Investment AlternativeWhile Dogecoin continues to garner interest through its loyal followers, an up-and-coming finance project has also started building a name for itself in Rexas Finance (RXS).

Unlike Dogecoin, which has many features in popular culture, Rexas Finance is purpose-built to tackle problems in the real world regarding asset tokenization.

With Rexas Finance, users will be provided with the ability to fractionally own high-value assets such as real estate, art