Dogecoin’s recent upward trend witnessed a brief setback on Thursday as its price dropped to levels below $0.17. However, the dog-themed meme coin has regained its footing and has rebounded slightly above $0.18 within hours, reflecting its robust resilience. With DOGE showing notable upside momentum, many enthusiasts continue to point to an extension of the ongoing rally to higher price levels.
DOGE Gearing Up For A Bigger Rally
At the time of writing, DOGE’s price has risen to the $0.18 mark with a strong rebound. Meanwhile, Memecrypto, a crypto analyst and trader, claims that Dogecoin looks like it might be starting something bigger from the current $0.18 level.
According to the expert, Dogecoin‘s momentum is not random and structure is building naturally, indicating a breakout from consolidation. This breakout is observed through the lens of momentum and Exponential Moving Averages (EMAs).
In the meantime, the next key resistance is located at $0.24, and a push to the area could be the beginning of a larger trend at the current pace. While sentiment remains cautious, Memecrypto noted that markets do not wait for latecomers, and the next impulse would possibly turn into a FOMO chase.
A 600% Price Explosion In Play For Dogecoin
After a prolonged period of downward action, Dogecoin is back in the spotlight due to its renewed price rally. While the popular meme coin is flashing bullish signals, Trader Tardigrade, a market expert and investor, has outlined an incoming upsurge, suggesting a continued rally to higher levels.
Specifically, the expert has predicted a 600% price rally in the short term, which will push the meme coin to a new all-time high in the ongoing cycle. This anticipated surge could mark a pivotal moment in DOGE’s evolving market narrative, driven by a combination of technical breakouts, increased trade volume, and rekindled consumer interest.
Trader Tardigrade’s bold forecast is based on past upward trends caused by a bounce from an ascending support trendline. Looking at the chart in the 3-day time frame, the ascending support trendline has been unfolding for several months, starting from October 2023 till the present day.
The first time DOGE reached the ascending support trendline in October 2023, the meme coin witnessed a more than 200% increase in the following months. During the second instance in 2024, DOGE’s price surged by over 400% to new yearly highs after hitting the ascending support trendline.
Meanwhile, a similar development has unfolded in Dogecoin’s recent price actions. Since each time has resulted in bigger returns, Trader Tardigrade is confident that a powerful surge of +600% might be on the horizon. As observed in the chart, this impending +600% rally will bring DOGE’s price to the $0.93 level, marking a new all-time high.
With key support holding amid bullish waves, this implies that DOGE is building momentum for an upside as bulls step in to defend the rally. Trader Tardigrade highlighted that Dogecoin has returned to the Order Block Zone, which would provide good support for the meme coin. Should the zone hold strong against bearish pressure, DOGE’s price could rebound toward key resistance levels.
Featured image from Shutterstock, chart from Tradingview.com
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