Key Takeaways
- DOGE trades in a classic bullish descending wedge with a breakout that could spark upside potential.
- Crypto analyst TATrader_Alan believes a strong bullish price action for DOGE is forming at the bottom, similar to the previous bull rally.
- DOGE army defends its price from going lower than $0.16 as the price is expected to gain dominance by bulls.
The price of Dogecoin (DOGE) has suffered a significant decline in the past few weeks following its historical rally to a high of $0.45. The price has dropped towards a region of $0.16 with little to no strong bullish strength to the upside.
While the price looks weak trading to the downside, market sentiment and crypto analysts are beginning to rethink their market view of DOGE after its price forms a classic bullish pattern as experts expect a breakout from this pattern to a high of $0.22 to $0.25.
To confirm a strong bullish action for DOGE, the price of breaking out of its current downtrend and price consolidation in its classic descending triangle would require a strong bullish price to the upside and a possible retest of its neckline.
Crypto Analyst Reaction To DOGE Bullish Pattern
The past few months have been difficult for many crypto traders and investors as memecoins and altcoins have suffered a crash in price with over 45% crash in the last two months with hopes of the crypto market finding a bottom and rallying to the upside.
The formation of a recent bullish pattern by DOGE has led to many top crypto experts dropping price expectations. In a recent post by TheMoonCarl, a top crypto trader on his X account, suggests the price of DOGE on the daily timeframe is on the verge of a bullish breakout as he expects a breakout and retest could see the price rally to a high of $0.48, which could mean a new all-time high for the price.
TATrader_Alan, in his X post, suggested that the price of DOGE is close to its bottom compared to previous price action that led to its price rally to the upside. DOGE price action formed a bottom with its RSI (Relative Strength Index).
If the price of DOGE plays out as expected, TATrader_Alan hinted at a possible bull run on the horizon for the famous dog-themed memecoin.
Ali Matinez, a top crypto trader, has also predicted that the price of DOGE needs to hold above $0.16, which would act as strong support and could fuel a further price rally to the upside. The price could breakout of its channel, with the nearest target for the DOGE rally expected to be $0.22.
Key Support Zone For DOGE – $0.16
Key Resistance Zone For DOGE – $0.22
