The bearish trend on the Dogecoin price could be nearing its end, as a top market analyst predicts a reversal to new all-time highs.
Specifically, Dogegod shared the outlook in an August 6 tweet as the cryptocurrency market continues its consolidatory momentum. Despite a 3% price rebound for DOGE in the past 24 hours, the meme coin has retraced 28.5% from its July high of $0.288 and 34.5% year-to-date.
Classic Reversal to New Highs for Dogecoin
However, Dogegod expects an impending price shift for Dogecoin, citing a flashing reversal signal on the daily timeframe. An accompanying chart shows that Dogecoin has just bounced from a crucial support, suggesting a change in momentum.
For context, Dogecoin dropped to a low of $0.188 on August 2, spurred by recent price weakness. Notably, the downtrend saw it retest a support level between $0.20 and $0.175.
Remarkably, the support stopped Dogecoin from further price correction on July 15, when it also dropped to $0.188. The momentum from the zone, coupled with a broader market bullish trend, pushed DOGE to July’s high of $0.288. Notably, the high also aligns with the top of an ascending channel, as shown in the analyst’s chart.
Meanwhile, Dogegod suggested that the bounce from the support would endure, ensuring a classic reversal uptrend to a new all-time high. His chart shows a 135.7% uptick, first to $0.4854 before completing an over 258% surge past the current all-time high of $0.7376 to unprecedented prices.
Larger Bottom: Larger Pump for Dogecoin
Interestingly, Dogegod’s bullish analysis aligns with that of TraderTardigrade, who highlights that Dogecoin is currently within a consolidatory phase. His Thursday tweet shows that the meme coin is presently forming a solid base, building momentum for a larger price rally compared to the one seen in November 2024.
An accompanying chart shows that Dogecoin has been ranging within a price zone since late February, with the price making highs and lows. DOGE was in a similar but smaller base between July and early November 2024 before the breakout to December’s high of $0.4846.
TraderTardigrade expects the same outcome but with a larger pump, due to a larger base. He predicted that the next surge would push Dogecoin to $0.6900, representing a 235% rally from the current market price.
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.
