Emily Walker
The overall cryptocurrency market is experiencing significant stress, causing Dogecoin to plummet to $0.327 on Wednesday. Despite this steep decline, there remain possibilities for DOGE to rebound dramatically based on historical trends that suggest the presence of a bullish phase.
Is Dogecoin’s Final Bull Run Approaching?
Dogecoin’s recent price drop has instilled fear and uncertainty among many investors. However, as some positive price actions begin to emerge, both the short-term and long-term perspectives for the meme coin appear optimistic as this cycle unfolds.
Market analyst Trader Tardigrade has analyzed Dogecoin’s latest performance and emphasized the possibility of an extended bull phase for DOGE. He believes that Dogecoin’s ultimate bull run might be on the near horizon.
This prediction has garnered interest within the crypto community, echoing patterns observed in prior cycles, which indicate that a final surge may soon commence. Historical data indicates that these types of movements often precede significant price rallies, sparking speculation among investors regarding potential price rebounds.
In past cycles, the meme coin has experienced consolidation for several months near its all-time high prior to its last significant spike in 2017. A similar phenomenon is currently occurring as indicated in the 1-month overview, where DOGE is consolidating around essential levels.
If DOGE replicates past trends, Trader Tardigrade suggests that the current period of consolidation may persist for a few more months before the anticipated bull run. He forecasts a rally that could approach a $6 price point, potentially marking a new all-time high and reaching a peak for DOGE in the market.
With increasing confidence in the crypto sphere and rising engagement, enthusiasts are closely watching DOGE’s price movements as it approaches significant resistance levels.
In light of the optimistic price developments, Trader Tardigrade has encouraged investors to hold firm, cautioning against selling or shorting DOGE at this time. He notes that Dogecoin is testing the apex of an Ascending Triangle pattern, which signals a favorable outlook for the cryptocurrency.
The formation of an ascending triangle typically indicates the potential for upward price momentum. DOGE’s approach towards the upper resistance line hints at a possible bullish breakout, provided the price remains stable above this line in the near term.
DOGE’s Anticipated Major Rally in 2025
The recent downturn in the broader crypto market has led to a noticeable drop in DOGE’s price. Nevertheless, crypto analyst KrissPax has pointed out that the current price behavior of Dogecoin is strikingly similar to patterns observed a year ago before a notable uptrend.
KrissPax explained that before a significant upswing in 2024, the asset displayed a pattern of climbing in November 2023, followed by a drop and consolidation. Currently, in November 2024, DOGE is once again rising, experiencing a decline, and is now in a consolidation phase. As a result, the expert predicts that Dogecoin’s next major rally is likely on the horizon within the upcoming weeks.