Dogecoin (DOGE) is entering a new bullish phase after experiencing several months of a downward trend. The 'king of meme coins' that once ignited the crypto market is building an incredible reversal pattern, and the dog market horn has sounded!
The daily trend of Dogecoin has officially turned from decline to rise, with a key turning point occurring on April 22—DOGE strongly broke through the resistance level of $0.165, ending several weeks of downward channel.
It is worth noting that after the breakout, Dogecoin completed a classic technical retest on April 23-24:
（1）Breakout confirmation: The price retested the original trend line on April 23-24, with resistance perfectly turning into support.
（2）Volume and price coordination: During the pullback, trading volume shrinks, and during the rebound, it significantly increases, indicating the entry of main funds.
（3）Classic pattern: Completed the 'breakout - retest - surge' trilogy, establishing a bull market structure.
"This may be the clearest buy signal of 2024; historical experience indicates that the average increase after such patterns can exceed 300%."
Dogecoin price prediction:
In the short term, Dogecoin may continue to rise over the next few days, aiming to challenge the $0.25 target in early May.
If Dogecoin can break through $0.25, it will be an important milestone:
（1）Will end the continuous downward trend that has lasted for 10 weeks.
（2）Achieved approximately 51% increase from the breakout level of $0.165.
（3）Set a new price high since the end of February.
However, $0.25 is just a short-term target,
Dogecoin's monthly chart is forming a rounded bottom pattern, which often indicates explosive upward trends in historical cycles. If the pattern is confirmed, the long-term target could be $2.8.
On-chain data
The MVRV (Market Value/Realized Value) indicator shows that the current value of 0.98 is near a critical threshold. Historical data indicates that when this indicator stabilizes at this position:
Up 1900% since August 2017
Up 2200% since August 2020
Up 400% since August 2023
As of the time of writing, Dogecoin is priced at $0.18, with a slight decline of 0.3% in 24 hours. It briefly touched a high of $0.19 on April 19 and is currently in a healthy technical correction phase. Combining technical analysis and on-chain data analysis, Dogecoin has the foundational conditions to initiate a new round of upward movement.
That's all for today's article, everyone subscribe and let's achieve financial freedom together in this bull market.
