In the past 24 hours, Dogecoin (DOGE) has experienced a bullish wave, with the price returning above $0.2. This marks the first time since early June that Dogecoin has broken through this key price level, signifying a strong comeback for this meme cryptocurrency.
Trader Tardigrade analyzed that the current price trend of Dogecoin is highly similar to its historical cycles, especially after the weekly MACD and stochastic oscillator hit the bottom. Analysis shows that Dogecoin often undergoes a 'bottom-launch-explosion' three-phase pattern.
In the current weekly candlestick chart, the blue line and orange line of the stochastic oscillator crossed and retreated to the middle line, similar to the pattern in October 2024, laying the foundation for the subsequent parabolic rise in November and December (soaring from less than $0.1 to $0.48).
The latest MACD trend indicates that Dogecoin is re-emerging in this pattern, with the oscillation indicator structure nearly identical to that before last December's $0.48 peak. Tardigrade believes that Dogecoin has moved out of the 'launch phase' and has officially entered the 'explosion phase.' If history repeats itself, Dogecoin may see significant rises in the coming weeks, with Tardigrade predicting that the price may break through $0.7.
Previously, Tardigrade analyzed the liquidation heatmap for Dogecoin, pointing out significant liquidity concentrations at $0.189 (with $2.46 billion in liquidations) and $0.1995 (with $2.14 billion in liquidations). These areas are highlighted in bright colors on the heatmap, which typically attract market makers to push prices higher to stimulate trading volume.
After Dogecoin broke through $0.2, these two targets have been cleared, paving the way for further increases. Tardigrade stated, 'Market makers are well aware of these price levels, so there is no need for concerns about Dogecoin.'
As of the time of writing, Dogecoin is priced at $0.2016, up 5.6% in 24 hours. Bulls need to push the daily and weekly closing prices to stabilize above $0.2 to solidify the upward trend.
