Dogecoin has held crucial support, and analysis suggests the meme coin could be well on its way to a strong rebound near its all-time high.
After months of steep price retracements, the prominent meme coin has found solace at a major support area. Before now, Dogecoin had faced intense downside pressure, correcting 64% from its three-year peak of $0.4846 in December.
However, the asset has recently shown momentum, bouncing 17% from a low of $0.1432 last week to close at $0.1677. Interestingly, the rebound saw DOGE form a dragonfly doji candlestick, fueling optimism of further upsides.
Dogecoin Showing Bullish Signs
Amid the recovery effort, an analysis from Rose Premium suggests Dogecoin looks primed for a dazzling uptrend to higher prices. In a TradingView idea, the market watcher identified the building bullish momentum on the asset’s price chart.
The commentary highlighted that Dogecoin shows signs of a possible breakout from a multi-month falling wedge. The bullish structure started developing after the meme coin’s surge to $0.4846 in December, with DOGE’s recent defense of the $0.14750 support spurring an uptrend toward the tip of the channel.
While Rose Premium stressed the importance of holding the support line, the analyst emphasized that continuing the bullish momentum could spur a meteoric surge to $0.6542. The commentary marked the price mark, 281% away from Dogecoin’s current price at the final target, with take profit (TP) points 1 and 2 at $0.4638 and $0.5534, respectively.
Analysis Confirms Bullish Momentum
Meanwhile, another analyst confirmed that Dogecoin has reached and held a crucial support area. Market commentator Mayambours’ TradingView chart exposition shows that the doggy-themed token trades at the bottom of a parallel channel on the weekly timeframe.
With the support disrupting downward pressure, she noted that Dogecoin could resume an uptrend. While the analysis did not mention a specific price target, it suggests a push to higher prices for quarterly investments.
Moreover, Dogecoin has broken out from a resistance trendline as predicted by analyst Trader Tardigrade, and it could be all up from here for the token. In the meantime, DOGE trades at $0.1718, up 2.44% in the past 24 hours.
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