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Chandan Gupta
Chandan Gupta
Author
- Nov 17, 2024 18:29 UTC
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Dogecoin (DOGE) Bull Run Over? Data Points to 50% Rally Ahead
Dogecoin (DOGE) is not yet at its peak popularity, the meme coin has much more room to soar in the coming days.
If the DOGE price breaches the pattern and closes a candle above the $0.38 level, it could soar by 50% to reach the $0.58 level.
Despite a bullish outlook, DOGE appears to be struggling to gain momentum.
After the U.S. Presidential election results, Dogecoin (DOGE) experienced a wild rally and gained massive attention from traders and investors. However, in the past few days, the meme coin appears weak. This weakness in the DOGE rally has led to questions about whether the DOGE bull run is over and whether the DOGE price will fall, among other concerns.
Expert Bullish View on Dogecoin (DOGE)
While looking at traders’ and investors’ sentiment around the DOGE meme coin, a prominent crypto expert made a post on X (Previously Twitter) and hinted to every crypto enthusiast that the current interest in DOGE is not yet at its peak popularity, as it was when it reached its all-time high.
However, with steadily growing interest in DOGE, as seen earlier, the meme coin has much more room to soar in the coming days.
Besides investors’ interest in DOGE, other factors like bullish price action and the current market sentiment further support the meme coin’s upcoming rally.
Dogecoin Technical Analysis and Key Levels
According to CoinPedia’s technical analysis, DOGE has formed a bullish descending triangle and flag-and-pole price action pattern on the four-hour time frame. However, the price has reached a narrow zone within this pattern and is poised for a breakout.
Based on historical momentum, if DOGE breaches the pattern and closes a four-hour candle above the $0.38 level, there is a strong possibility that the meme coin could soar by a minimum of 15% and a maximum of 50%, reaching the $0.44 or $0.58 levels, respectively.
As of now, DOGE is trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating an uptrend. Meanwhile, its Relative Strength Index (RSI) suggests a potential upside rally in the coming days, as the price is nearing the oversold territory.
Current Price Momentum
With bullish market sentiment, DOGE is trading near $0.365 and has registered a price decline of 2% in the past 24 hours. During the same period, its trading volume dropped by 18%, indicating lower participation from traders and investors, who are potentially waiting for the breakout of the bullish pattern.
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