Dogecoin (DOGE), the largest memecoin in the cryptocurrency market, could be about to see a significant price movement on the charts. In fact, bullish sentiment has been spreading among traders, with strong signals appearing on the weekly timeframe for four consecutive weeks.

Despite the recent market declines due to geopolitical tensions in the Middle East, there is still potential for recovery. History shows that DOGE has rallied 90% and 180% following a bullish MACD crossover on the weekly chart.

At the time of writing, a new bullish MACD cross appears to be forming, which could push DOGE towards retracing its 180% rally. Buying momentum has also picked up – another signal for a potential breakout in the near future.

Dogecoin, at the time of writing, is also showing bullish signs after a retest of the falling wedge on the daily time frame. If DOGE continues this uptrend, a bounce from current support could lead to larger gains.

However, if this bounce fails, DOGE could face a correction, further reducing the price of this memecoin and potentially affecting other altcoins.

DOGE Monthly Cycle and Potential Benefits

Looking at historical patterns, DOGE has consistently broken above key levels in previous monthly cycles, marking the start of bull cycles. The first time this pattern appeared was in 2017, resulting in a 90% surge.

By 2021, the same pattern resulted in a 180% rally. Now, the lull has lasted longer and market momentum is aligning in a way that suggests another 180% rally could be on the cards.

This trend, coupled with historical data, highlights the high potential for further price gains. This could set the stage for another bullish run on the charts.

Network development and market dynamics

Dogecoin has seen significant growth recently. Over the past week, for example, the number of new DOGE addresses has increased by 72%. In fact, just yesterday, more than 19,600 new addresses were created.

This growth is a signal of growing interest in DOGE, meaning traders and investors are preparing for possible price gains to come.

However, external factors such as geopolitical tensions in the Middle East could still affect market dynamics and DOGE’s ability to achieve this goal.

Liquidation levels and price fluctuations

DOGE also liquidated large short positions, hitting a key target of $0.1032. This resulted in the liquidation of $34.9 million worth of long positions.

The next key liquidation zones will be crucial in determining DOGE’s next price movement. Traders will need to keep a close eye on these levels to gauge whether Dogecoin can maintain its bullish momentum or face more volatility in the coming weeks.

With strong technical indicators, network growth, and historical patterns, Dogecoin is well-positioned to make significant gains. If the market aligns, DOGE could reach its 180% upside target. However, traders should be cautious of potential risks.

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