After Months in Decline, Dogecoin Price Could Be Leaving the Bears in the Dust

After months in decline, Dogecoin price could be leaving the bears in the dust as it has its eyes peeled on a fresh rally.

After months of dismal performance, the meme coin, Dogecoin (CRYPTO: DOGE), could be leaving the bears in the dust as it has its eyes peeled on a fresh rally.

Here’s a look at what happened and what’s next.

What Happened: On-chain analyst Trader Tardigrade says that Dogecoin is sticking to a macro channel that is indicative of the bottom for the meme coin.

The analyst disclosed that while Dogecoin has deviated at the channel’s edge, recent price action predicted movement in the channel. With the bottom confirmed, the only direction for Dogecoin price is a surge upwards.

"If DOGE remains within the channel without deviation this time, it has already reached the bottom," Trader Tardigrade said.

Onchain analyst Ali Martinez shared an opinion similar to Trader Tardigrade’s projection, which predicted a strong resurgence. Already early signs of a resurgence are clear with Dogecoin rebounding from a key support level as traders eye $3.

"Something big could be brewing for Dogecoin," Martinez said. "A strong rebound may be right around the corner."

A plethora of experts are pointing to a breakout target of $0.6533 as confirmation of a 318% upswing for Dogecoin price. Stellar Lumens (CRYPTO: LUMEN) expert StellarAlgoPlace says that a breakout target of $0.6533 would be confirmed by a move above $0.5 on the token.

Analysts are pointing to higher lows on Dogecoin’s charts with Elliot Wave Theory indicating that prices are in a bullish wave.

Outside of technicals, on-chain data from IntoTheBlocks confirms a 270% surge in active addresses over the last 90 days, pointing to increasing ecosystem activity. Experts say rising whale accumulation in the ecosystem is a potential pointer for an impending Dogecoin price rally.

The meme coin could also be boosted by an approval for a DEFI ETF from the SEC, which would send prices soaring by triple-digit percentages.

At the moment, Dogecoin is trading at $0.1647 and daily trading volumes are sitting at a decent $1.44 billion.

Related Link: 5 Things You Didn't Know About Dogecoin

What's Next: A move above the March 2023 highs of $0.6533 could send Dogecoin surging to new all-time highs, StellarAlgoPlace says.

The Lumens expert adds that a move above $0.5 would be the "final confirmation" of the breakout target.

If the price of Dogecoin does indeed rise to $0.6533, it would represent a 318% increase from current levels.