Dogecoin (DOGE) Could Resume Price Rally as Familiar Bullish Trigger Emerges

Technical trader Tardigrade has identified a potentially bullish pattern in Dogecoin's price action, drawing parallels between current market conditions and those that preceded a significant rally in August 2024.

Technical trader Tardigrade has observed a potentially bullish price pattern in Dogecoin (CRYPTO: DOGE), highlighting similarities between the current market conditions and those that preceded a significant rally in August 2024.

Despite market manipulation attempts, Dogecoin price has remained stable above crucial support levels.

Chart analysis shows a sharp downward spike in December 2024, similar to the price action observed in August. In both cases, the cryptocurrency experienced a rapid recovery, suggesting the dips were artificial movements rather than genuine selling pressure.

Dogecoin price maintained support at $0.08 throughout December 2024, despite several attempts to manipulate the market and drive the price lower. Multiple large red candles were quickly absorbed by the market, indicating a strong presence of buyers at that support level.

The August event was a precursor to a large bull rally, as the market’s quick recovery from manipulation showed strong buying presence at key support. The current price action in December mirrors this pattern, with DOGE bouncing back from the attempted price suppression.

Tardigrade’s analysis suggests the Dogecoin price is poised for another potential move to the upside. The cryptocurrency’s ability to defend its support level, combined with the historical precedent set in August, points to strengthening market fundamentals.

While market movements are always unpredictable, the parallel patterns between August and December 2024 provide a strong case for renewed bullish momentum in DOGE’s near-term price action.