Dogecoin (DOGE) Bull Run Over? Data Points to 50% Rally Ahead
After the results of the U.S. presidential election were announced, Dogecoin (DOGE) experienced a wild rise and received widespread attention from traders and investors. However, meme coins have appeared weak in recent days. The weakness of the DOGE rally has raised questions about whether the DOGE bull market is over and whether DOGE prices will fall.
Experts’ Bullish View on Dogecoin (DOGE)
When looking at trader and investor sentiment towards the DOGE meme token, one famous Crypto expert An article was published on X (formerly Twitter) and hinted to every cryptocurrency enthusiast that the current interest in DOGE has not yet reached the peak popularity it had at its all-time high.
However, as mentioned earlier, with interest in DOGE steadily growing, the meme coin has more room to soar in the coming days.
In addition to investor interest dogbullish price action and other factors such as current market sentiment further support memecoin’s upcoming rally.
Dogecoin Technical Analysis and Key Levels
According to technical analysis from CoinPedia, DOGE has formed a bullish descending triangle and flagpole price action pattern on the four-hour time frame. However, the price has reached a tight area within the pattern and is poised to break out.
Based on historical momentum, if DOGE breaks out of this pattern and closes a four-hour candle above the $0.38 level, the Meme token is very likely to surge by at least 15% and up to 50% to $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 that an upward rebound is likely in the coming days as the price approaches oversold territory.
Current Price Momentum
DOGE is trading close to $0.365, with the price down 2% in the past 24 hours amid bullish market sentiment. During the same period, its trading volume fell by 18%, indicating lower participation from traders and investors who may be waiting for a breakout of the bullish pattern.
