Emily Walker
Dogecoin has experienced impressive growth in the current bull market. Many crypto fans are exhibiting strong belief in DOGE, forecasting significant short-term gains for the dog-themed cryptocurrency, which could stimulate a broader altcoin market surge.
Positive Chart Indicators for Dogecoin
Market analyst Trader Tardigrade has emphasized the potential of Dogecoin to lead the altcoin market, potentially even overshadowing Bitcoin, the largest cryptocurrency.
With a positive trend noted in the Dogecoin Dominance over Bitcoin Dominance (DOGE.D/BTC.D) chart, he believes the meme coin could trigger a larger altcoin rally. His predictions are based on a bullish chart pattern, specifically the Falling Wedge formation noted on the DOGE.D/BTC.D weekly chart.
This Falling Wedge pattern suggests a turnaround from a declining trajectory, featuring converging downward trendlines that illustrate lower highs and lower lows. Since such patterns commonly precede a significant recovery, Dogecoin may soon see a notable resurgence, thereby reinforcing its market position.
The analyst notes that the current falling wedge is being supported by a crucial level, enhancing the likelihood of a bullish breakout from the pattern. Consequently, Trader Tardigrade believes that DOGE may surpass Bitcoin’s performance.
In light of its strong performance, he also emphasized that DOGE is poised to spearhead the approaching altcoin season in the coming weeks. This implies that Dogecoin’s growing strength relative to Bitcoin could result in more capital shifting from BTC to altcoins.
DOGE Keeping Up With Bitcoin
Dogecoin continues to captivate investor interest, solidifying its position as a leading altcoin. Analyst Daan Crypto Trades stated that if any altcoin exemplifies true altcoin behavior, it must be DOGE.
Typically, prolonged periods of declines and consolidations followed by rapid rises define the price action of altcoins. Daan Crypto Trades asserts that Dogecoin embodies this trend, as evidenced throughout its history.
Reviewing previous cycles, experts agree that DOGE has emerged as one of the strongest altcoins. While many altcoins fail to bounce back after a 99% drop, DOGE has consistently rebounded from major devaluations.
Moreover, Dogecoin is among the few cryptocurrencies that have survived several cycles while keeping pace with BTC. This durability showcases its strength during turbulent periods, driven by significant investor enthusiasm.
Presently, Dogecoin has dipped to the $0.32 mark, reflecting a near 1% decrease recently. According to CoinMarketCap, its trading volume has also plummeted by over 35% in the same timeframe.