Since the beginning of this month, the price of Dogecoin has risen nearly 150% as this leading meme coin continues to enjoy a massive bull market. Cryptocurrency analyst Alan Santana delves into the factors driving this surge and whether it is sustainable.
Factors driving the rise of Dogecoin price
In an article on TradingView, Alan Santana mentioned DOGE's monthly chart to showcase the true factors driving the rise of Dogecoin's price. He pointed out that this month is a month of bullish breakout and the first strong rising month since the 2021 bull market. The analyst specifically mentioned January 2021, when a similar action occurred, followed by a 'very strong bullish phase.'
In line with this, Santana stated that such strong growth in Dogecoin's price does not mean it is the end. On the contrary, the analyst indicated that this very strong growth marks the beginning of a bull market cycle, and therefore investors can expect more parabolic rises for Dogecoin in the future.
Santana urged those with doubts to narrow down the monthly charts. He revealed that this month's trading volume is the highest since 2021. Additionally, the analyst mentioned that this month broke long-term resistance and downtrends. Finally, he said this month ended a three-year consolidation period for Dogecoin's price.
The analyst pointed out that this three-year consolidation could lead to a very strong bull market, which is the situation at present. Therefore, Santana reiterated that no matter how high Dogecoin's price rose this month, it is just the beginning. The analyst warned that there may be fluctuations and corrections in the short term, and even a strong pullback could occur.
However, Santana claimed that this adjustment is good because it will be an opportunity to profit at resistance levels and to buy and reload at support levels. He added that there is still a lot of upward potential for Dogecoin's price, and there are no limits to the price increase.
The most explosive legwork is still in progress
In a post on X, cryptocurrency analyst Kevin Capital expressed a similar view to Alan Santana, believing that the strongest phase of Dogecoin's price may still be ahead. He emphasized that compared to previous bull market cycles, Dogecoin's price and relative strength index (RSI) are currently within a monthly timeframe.
He claimed that if Dogecoin's price levels and RSI remain unchanged, then this round of Dogecoin bull market has a long way to go, and the most explosive round of bull market is still ahead. Cryptocurrency analyst Trader Tardigrade recently predicted that if Dogecoin's price can replicate the 2017 bull market, it might rebound to $8.7 by August 2025, and if it can continue the 2021 bull market, it might rebound to $30 by March 2025.
According to CoinMarketCap data, at the time of writing, Dogecoin's price is approximately $0.40, having fallen over 6% in the last 24 hours.
