The price of Dogecoin is likely to be good for a strong bullish movementas a crypto analyst has identified a recurring pattern in the movement of the meme character. This optimistic view of Dogecoin’s future trajectory comes after the meme coin has big price crash over 46%, pushing it to new levels.
Dogecoin Price Prepares for Major Bullish Move
In its time price pullback in December, Dogecoin suffered a massive 46% crash, falling from its annual highs as its momentum cooled significantly. Despite this correction, the meme letter shows signs of recoveryis gaining renewed momentum after recording huge gains this January.
Crypto analyst Maelius shared on X (formerly Twitter) the recent Dogecoin crash may have driven its price to record lows, possibly setting the stage for its next move. According to his analysis report, which notes the price action of Dogecoin during the previous cycles, the consistency in the size of the previous waves strengthens the possibility that the meme coin hit the ground.
If we look at the analyst’s Dogecoin chart, i meme coin price history it presents a repeating pattern of cyclical waves characterized by large rallies followed by sharp corrections. Each uptrend, marked by a wave number on the chart, has strengthened during each cycle.
For example, in April 2021, Dogecoin recorded a 53% drop, followed by a massive 1,175% increase to all-time highs. A similar but more significant price crash occurred in time bear market from July 2022 to 2023. During that time, the price of Dogecoin experienced many price drops and a long period of consolidation. Towards the end of 2023, the meme coin found stability, and its price increased by 308%.
Another notable feature in Maelius’s analysis is what is highlighted Buy a property on the Dogecoin price chart. This important area has historically served as a strong supply level for Dogecoin, representing a price range where demand increases and accumulation occurs.
According to Maelius, Dogecoin has come out of this shopping zone, a development that is considered a positive step for the meme coin’s rise to the top. With the belief that Dogecoin has bottomed out and its recent jump in the buy zone, the analyst foresees a bullish surge that could pressure the meme coin new for all time it is 2.3 $.
Maelius also pointed out that each rise in previous cycles was stronger than the last, that is The next Dogecoin price rally can be even stronger than those seen in previous cycles.
Dogecoin Price Chart Forms Bullish Pennant
New Dogecoin price analysis by Trader Tardigrade exhibitions that is the coin of the meme at the moment forming a new Bullish Pennant on its 4-hour chart. The Bullish Pennant is a technical chart pattern that resembles a small equilateral triangle, indicating the continuation of a possible upward trend.
In the case of Dogecoin, the Bullish Pennant formation suggests that after experiencing the previous rally, Dogecoin is inclusive and it may be preparing for another price hike as it breaks out of this pattern. CoinMarketCap data reveals what Dogecoin is slowly picking up the pressurerose 19.3% in the past week to reach a value of $0.38.
The featured image was created with Dall.E, a chart from Tradingview.com