The price of Dogecoin has increased nearly 150% since the beginning of this month, as this leading meme coin continues to experience a strong bull run. Cryptocurrency analyst Alan Santana has provided insights into the dynamics driving this bull run and whether it is sustainable.
What is driving the Dogecoin bull run
In a post on TradingView, Alan Santana hinted at the monthly chart of DOGE to indicate what is truly driving the Dogecoin bull run. He notes that this month is a breakout bullish month and the first strong green month since the bull run of 2021. Analysts specifically cited January 2021, when a similar action occurred, with a "very strong bullish phase" following it.
In line with this, Santana asserts that just because the price of Dogecoin is witnessing this strong growth does not mean it is the end. Instead, the analyst claims that this very strong growth signals the beginning of a bull cycle, so investors can expect more parabolic price increases for Dogecoin in the future.
Santana urges skeptics to zoom in on the monthly chart. He reveals that this monthly trading session has the highest trading volume since 2021. Furthermore, this analyst mentions that this month has broken through long-term resistance and a downtrend. Finally, he states that this month has ended a three-year-long consolidation phase for the price of Dogecoin.
The analyst notes that this three-year-long consolidation could lead to a very strong bull market, which is exactly what is happening. Therefore, Santana reaffirms that no matter how high the price of Dogecoin rises this month, it is just the beginning. In the short term, the analyst warns that there may be fluctuations and tremors, and even a strong correction could develop throughout the process.
However, Santana claims that such corrections are good as they will be used as opportunities to take profits at resistance levels and to buy back and reload at support levels. He adds that the price of Dogecoin has much more to give and there are no limits to how high it can rise.
In a post on X, cryptocurrency analyst Kevin Capital echoed a similar sentiment to Alan Santana, suggesting that the biggest explosion could still happen for the price of Dogecoin. This comes as he emphasizes that the price of Dogecoin and the Relative Strength Index (RSI) are currently in the monthly timeframe related to previous bull cycles.
He stated that if the price of Dogecoin and the RSI remain strong, there is still a long way to go in this DOGE bull run, and the biggest explosion is yet to come. Cryptocurrency analyst Trader Tardigrade recently predicted that the price of Dogecoin could rise to $8.7 by August 2025 if it reflects the bull run of 2017 or rise to $30 by March 2025 if it follows the bull run of 2021.
