In the ongoing bull market cycle, Dogecoin has seen considerable upward movements reaching the $0.48 mark. Even though the dog-themed meme coin has since dropped to the $0.25 price level, it is likely to witness another bullish run, which could push DOGE to a new all-time high in this cycle.
Major Uptrend For Dogecoin Draws Closer
Amid waning market performances, Dogecoin has shown encouraging price developments that hint at a positive shift in market dynamics. Technical expert and investor Trader Tardigrade has predicted an upcoming significant move for DOGE, potentially paving the way for a new all-time high.
The expert predicts that DOGE might be on the verge of a new major uptrend, pointing to key technical indicators on the daily chart. With bullish indicators unfolding along with renewed interest from investors, DOGE could regain its upside direction once again.
Dogecoin’s recent daily candle close has signaled its first-ever Bullish Divergence on the Relative Strength Index (RSI) chart since the year began. As a result, the analyst is confident that the altcoin could be inching closer to the start of its upsurge.
Trader Tardigrade also highlighted a long wick in the daily time frame. Such long wicks often indicate a potential trend reversal or strong market volatility.
In this case, it suggests that Dogecoin might see a trend reversal toward positive directions in the upcoming days. Considering past scenarios, which led to a notable upswing, Trader Tardigrade believes it is still possible for the meme coin to witness a substantial pump, targeting the much-expected $1 price mark.
A move to the $1 milestone could trigger an extended rally towards other higher heights. Based on Dogecoin’s past cycles, this ongoing cycle is expected to be the biggest since each previous bull cycle has been larger than the last.
DOGE’s Sights A Move To Reclaim Key Resistance Levels
As the altcoin gears up for a shift to a bullish trajectory, the next crucial levels seem to be the $0.40 and $0.48 ranges. Pro-trader and Crypto Portfolio manager Natalie Dormer points out these price marks as she forecasts a rally for Dogecoin.
According to Natalie Dormer, the broken Exponential Moving Averages (EMAs) are presently being retested by the meme coin, where it is expected to be rejected. However, further confirmation is needed.
Before beginning a downward trend, DOGE needs to experience a weakening close to the zone. This is because if volume shows signs of building up at the zone, it will cause a notable increase in price, with the $0.40 and $0.48 marks as the next possible targets.
Presently, DOGE is trading at $0.25, demonstrating a mere 0.03% increase in the past day. Its weak price action might be attributed to waning investors’ sentiment as evidenced by a nearly 58% daily decrease.
Featured image from Unsplash, chart from Tradingview.com