Recently, the price of Dogecoin retraced and threatened to fall below $0.20. However, as the momentum has remained strong during this period, the bulls have managed to maintain the key support level above this threshold. If this support level continues to hold, it may become a rebound point for the next wave of bullish momentum.
A breakout in the price of Dogecoin could drive the price above $0.45.
Anonymous cryptocurrency analyst Setupsfx pointed out in an article on TradingView that the price of Dogecoin has currently dropped to the key support level above $0.20. This is the last line of defense against the bears, as they are trying to push the price down.
However, during the last two significant corrections and flash crashes, the price of Dogecoin has consistently managed to stay above the $0.20 support level. This indicates that bullish momentum remains strong and could even trigger a new wave of bullish momentum.
As analysts have explained, due to strong bullish momentum, the price of Dogecoin is on the verge of explosive growth. If this trend ultimately materializes, it means the price of this meme coin could rise by more than 100%, breaking through $0.45, and it might even surpass $0.50 before the uptrend ends.
Analysts unanimously believe a bullish trend may emerge.
Discussions about the price of Dogecoin seem to unanimously agree that this meme coin is poised for a significant trend. Cryptocurrency analyst Cas Abbé has also expressed the same view in his analysis of Dogecoin, highlighting multiple reasons why Dogecoin is expected to continue its upward trajectory.
As Abbé explained, the price of Dogecoin went through a long consolidation period before entering a new expansion phase. During this time, the digital asset has managed to maintain its long-term support level above $0.20, and while the current momentum is bearish, this is still a good sign.
Additionally, the breakout trend of Dogecoin has recently been supported by an increase in trading volume, as interest in this meme coin has grown during this period. This aligns with the established trend of Dogecoin's price, which typically undergoes a long period of consolidation before a sudden surge.
Therefore, if the price of Dogecoin does indeed maintain this trend, it may be preparing for a new round of price expansion. With on-chain activity still quite active, a 100% increase is not impossible, just like in previous cycles.
