Is the Dogecoin (DOGE) bull market ending? Data shows a potential 50% increase ahead.
Dogecoin (DOGE) has not yet reached its peak popularity, and there is still significant upside potential for this meme coin in the coming days.
If DOGE's price breaks this pattern and closes above $0.38 with a candle, it could rise by 50% to $0.58.
Despite the optimistic outlook, DOGE seems to struggle to gain momentum.
After the announcement of the U.S. presidential election results, Dogecoin (DOGE) experienced a crazy rebound and garnered significant attention from traders and investors. However, in recent days, this meme coin appears to be showing weakness. The softness of DOGE's rebound has raised questions about whether the DOGE bull market has ended and if DOGE's price will decline.
Experts are optimistic about Dogecoin (DOGE)
While observing traders' and investors' sentiment towards the DOGE meme coin, a well-known cryptocurrency expert posted on X (formerly Twitter), hinting to every cryptocurrency enthusiast that the current interest in DOGE has not yet peaked, as it did when it reached its all-time high.
However, as interest in DOGE steadily increases, as mentioned earlier, the meme coin has greater upside potential in the coming days.
In addition to investor interest in DOGE, other factors such as the bullish price trend and current market sentiment further support the imminent rebound of the meme coin.
Dogecoin technical analysis and key levels
According to CoinPedia's technical analysis, DOGE has formed a bullish descending triangle and flag price action pattern in the four-hour time frame. However, the price has reached a narrow area within this pattern and is preparing for a breakout.
According to historical momentum, if DOGE breaks this pattern and closes above $0.38, then this meme token is likely to surge at least 15% and up to 50%, reaching levels of $0.44 or $0.58, respectively.
As of now, DOGE's trading price within the daily time frame is above the 200 Exponential Moving Average (EMA), indicating an upward trend. Meanwhile, its Relative Strength Index (RSI) suggests a potential upward rebound in the coming days, as the price approaches the oversold region.
Current price momentum
Driven by bullish market sentiment, DOGE's trading price is nearing $0.365, having dropped 2% in the past 24 hours. During the same period, its trading volume decreased by 18%, indicating a lower participation rate from traders and investors, who may be waiting for a breakout of the bullish pattern.
