The bearish trend on the Dogecoin price could be nearing its end, as a top market analyst predicts a reversal to new all-time highs.
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Specifically, Dogegod shared the outlook in an August 6 tweet as the cryptocurrency market continues its consolidatory momentum. Despite a 3% price rebound for DOGE in the past 24 hours, the meme coin has retraced 28.5% from its July high of $0.288 and 34.5% year-to-date.
Classic Reversal to New Highs for Dogecoin
However, Dogegod expects an impending price shift for Dogecoin, citing a flashing reversal signal on the daily timeframe. An accompanying chart shows that Dogecoin has just bounced from a crucial support, suggesting a change in momentum.
For context, Dogecoin dropped to a low of $0.188 on August 2, spurred by recent price weakness. Notably, the downtrend saw it retest a support level between $0.20 and $0.175.
Remarkably, the support stopped Dogecoin from further price correction on July 15, when it also dropped to $0.188. The momentum from the zone, coupled with a broader market bullish trend, pushed DOGE to July’s high of $0.288. Notably, the high also aligns with the top of an ascending channel, as shown in the analyst’s chart.
Meanwhile, Dogegod suggested that the bounce from the support would endure, ensuring a classic reversal uptrend to a new all-time high. His chart shows a 135.7% uptick, first to $0.4854 before completing an over 258% surge past the current all-time high of $0.7376 to unprecedented prices.
Larger Bottom: Larger Pump for Dogecoin
Interestingly, Dogegod’s bullish analysis aligns with that of TraderTardigrade, who highlights that Dogecoin is currently within a consolidatory phase. His Thursday tweetshows that the meme coin is presently forming a solid base, building momentum for a larger price rally compared to the one seen in November 2024.
An accompanying chart shows that Dogecoin has been ranging within a price zone since late February, with the price making highs and lows. DOGE was in a similar but smaller base between July and early November 2024 before the breakout to December’s high of $0.4846.
TraderTardigrade expects the same outcome but with a larger pump, due to a larger base. He predicted that the next surge would push Dogecoin to $0.6900, representing a 235% rally from the current market price.
DisClamier:
This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect @Lachakari_Crypto opinion. Readers are encouraged to do thorough research before making any investment decisions. @Lachakari_Crypto is not responsible for any financial losses.
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