Cryptocurrency analyst Trader Tardigrade has revealed that the Dogecoin price has hit a local bottom. He also provided further details on what could happen next for the top meme coin, with a 100% price increase from current levels.
Dogecoin Price Forms Local Bottom
In a post on X, Trader Tardigrade mentioned that Dogecoin price has formed a local bottom signal. He explained that whenever DOGE's moving average convergence divergence (MACD) forms, Dogecoin tends to trade sideways for a week before starting another rally.
With the ongoing bearish crossover, the price of DOGE is preparing for another bullish phase, according to the analysis of Trader Tardigrade, which could happen in a week. The accompanying chart from the analyst shows that Dogecoin could see an increase of up to 100% as it rises to $0.28 compared to the current price.
The chart also shows that the price of Dogecoin has formed a local bottom and has since risen back up since the rally began in September. The price of DOGE has increased over 53% since September, outperforming over 100 top cryptocurrencies by market cap during this period.
Cryptocurrency analyst Master Kenobi, who correctly predicted the start of the Dogecoin rally, recently also stated that this meme coin is ready for the next bullish phase.
In a post on X, he said it was great to see the price of Dogecoin back above $0.16, as this meme coin has successfully retested previous resistance levels and confirmed them as support.
Master Kenobi further mentioned that the next levels to watch after the price of Dogecoin reaches $0.23 are $0.33 and $0.73, the current all-time high (ATH). When the meme coin reaches $0.73, the analyst remarked that the price of DOGE will "go to the moon," indicating a parabolic rally.
Daily and weekly Golden Cross is pending for DOGE
Self-proclaimed top DOGE analyst on X Kevin Capital reveals that a daily and weekly golden cross is pending for the price of Dogecoin. The analyst notes that this occurs just ahead of Donald Trump's potential victory and Elon Musk's rollout of the Government Efficiency Bureau (DOGE).
Trump's victory could be the catalyst for the price of Dogecoin to rise above $0.20, as it would pave the way for Musk's DOGE proposal, continuing to positively impact this coin.
Cryptocurrency analyst Ali Martinez recently also analyzed the price action of Dogecoin and mentioned that this meme coin is a perfect trade right before the US elections. Indeed, the meme coin could be the perfect trade as it has decoupled from other cryptocurrencies and is the highest-performing coin among the top 100 cryptocurrencies by market cap ahead of today's election.
At the time of writing, the price of Dogecoin is trading at around $0.165, up over 10% in the past 24 hours, according to data from CoinMarketCap.