Following the results of the US Presidential election, Dogecoin (DOGE) experienced a strong price surge and attracted a lot of attention from traders and investors. However, the meme coin has appeared weak over the past few days. This weakness in the DOGE price rally has led to questions about whether the DOGE rally is over and whether the DOGE price will decline, among other concerns.
Experts' Optimistic View on Dogecoin (DOGE)
Looking at the sentiment of traders and investors around the meme coin DOGE, a popular cryptocurrency expert posted an article on X (formerly Twitter) and hinted to crypto enthusiasts that the current interest in DOGE has not yet reached its peak as it did when it hit its all-time high.
However, with the growing interest in DOGE as seen earlier, this meme coin has a lot of room to grow in the coming days. In addition to the interest of investors in DOGE, other factors such as the rising price action and current market sentiment further support the upcoming bull run of this meme coin.
Dogecoin Technical Analysis And Key Levels
According to CoinPedia technical analysis, DOGE has formed a descending triangle pattern and a flag-pole price pattern on the four-hour time frame. However, the price has reached a narrow zone within this pattern and is preparing to breakout.
Based on historical momentum, if DOGE breaks the pattern and closes the four-hour candle above $0.38, there is a strong possibility that the meme coin could surge by a minimum of 15% and a maximum of 50%, reaching $0.44 or $0.58, respectively.
As of now, DOGE is trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating an uptrend. Meanwhile, the Relative Strength Index (RSI) suggests a potential upside move in the coming days, as the price is approaching the oversold zone.
Current Price Momentum
With the market sentiment bullish, DOGE is trading near $0.365 and has recorded a 2% price drop over the past 24 hours. During the same period, its trading volume has dropped by 18%, indicating lower participation from traders and investors who are likely waiting for a breakout of the bullish pattern.
