Bitrabo Editorial
A crypto analyst, Kriss Pax, has expressed optimism for Dogecoin (DOGE), suggesting a potential substantial price upswing in the near future. This positive outlook is fueled by a recent uptick in an on-chain metric, signaling bullish momentum for Dogecoin.
Potential for a Major Price Rebound for Dogecoin
In a YouTube video, Pax highlighted the possibility of a significant bounce in Dogecoin’s price from its current levels, indicating that this could be an opportune moment to invest in the popular meme coin before an anticipated price recovery. The analyst hinted at the upcoming trading of Spot Ethereum ETFs as a catalyst for DOGE’s resurgence and the broader crypto market.
Pax also pointed out the bullish signal from the relative strength index (RSI) for Dogecoin. Additionally, he noted the increasing altcoin dominance following a decline in Bitcoin’s dominance, which could set the stage for an altcoin season benefiting Dogecoin and other altcoins.
With the formation of a bullish cross on the Moving Average Convergence/Divergence (MACD) for the ETH/BTC pair, reminiscent of the 2020 altcoin season, Pax suggested that an altcoin bull run might be imminent. He emphasized that the current undervaluation of Dogecoin, as indicated by its market value to realized value (MVRV), presents a favorable buying opportunity.
Furthermore, the surge in Dogecoin’s trading volume in the past 24 hours, as reported by Coinglass, is a positive indicator that investors are actively engaged in the meme coin and may seek to accumulate more during this market downturn.
DOGE Maintains Macro Bullish Trend
Despite dropping to $0.11 amid recent market fluctuations, Dogecoin remains within a macro bullish structure, according to crypto analyst Kevin. As long as DOGE sustains a weekly close above 0.10291, it is poised for further growth. Kevin suggested that Dogecoin is currently undergoing a phase similar to the Wyckoff Accumulation Schematic (SOS), where it is testing the previous bear market range breakout point.
Staying above this level could reignite a rally for Dogecoin, with Kevin projecting a potential increase to $3 within the current market cycle.
As of the latest data from CoinMarketCap, Dogecoin is trading around $0.12, reflecting a 4% increase in the last 24 hours.