Recent analysis suggests Dogecoin has shown immense strength around this time of each bull cycle, insinuating a rapid price development for the meme coin.
Dogecoin briefly reclaimed $0.2200 after an impressive 15% surge yesterday. The uptick followed a broader market rebound, although it fell short of price explosions from assets like XRP and Cardano.
For context, the duo surged a staggering 34% and 72% on Sunday following their mention in Donald Trump’s proposed national crypto reserve. Notably, Dogecoin’s omission from the made-in-America biased list sparked a reaction from co-founder Billy Markus, who clarified the meme coin has U.S. roots.
Nonetheless, Dogecoin’s much-needed upsurge has seen it reduce its year-to-date deficit to 30%, a testament to the token’s recent struggles. Nevertheless, an analysis has insinuated the continuation of the fire-power price actions for the meme coin.
Don’t Fade Dogecoin Here: Analyst
Particularly, market expert KALEO has hinted at a sustained upward trajectory for Dogecoin at this stage of the bull run. He asked market participants not to fade the meme coin, as the asset has reached the super-bullish phase in its cyclical performance.
An accompanying 3-day chart further highlighted this bias, expanding on DOGE’s price action after the Bitcoin halving. For perspective, Dogecoin broke out from a price range 84 bars (252 days) after the 2016 Bitcoin halving, surging to its cycle peak of $0.0194 in January 2018.
Furthermore, the meme coin repeated a similar pattern in 2021, breaking out from an ascending triangle and successfully retesting the break of structure after 86 bars (258 days) from the 2020 Bitcoin halving. Dogecoin rallied from the point to its current all-time high of $0.7605.
Meanwhile, DOGE has displayed the exact price action, breaking from an ascending triangle in November to a high of $0.4846. KALEO pointed out that Dogecoin seems to be on the verge of continuing a bullish upsurge after retesting the triangle in 98 bars (294 days).
If the meme coin sustains the trend and history repeats, it could target an upward push to unprecedented prices. Notably, the analyst did not highlight a specific target for the impending bullish continuation.
Dogecoin Starting Bullish Season?
Moreover, KALEO is not alone in his predictions that Dogecoin will rebound to higher prices. Analyst CryptoELITE, for instance, asserted that Dogecoin would soon resume a big northward move and suggested a scintillating run to $5.
Meanwhile, analysis suggests whales are back on the Dogecoin network. Prominent market watcher Ali Martinez highlighted that whales are back from exile, stacking 140 million DOGE in the past 24 hours.
In the meantime, Dogecoin trades at $0.2177, up 4% in the past 24 hours.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
