Dogecoin (DOGE) Is Poised For Bull Run: Analyst Says

Dogecoin (DOGE) is attracting more interest and is on a solid upward trend, with the potential for significant upside. In the past month alone, DOGE has gained an impressive nearly 103%, but only last week saw a massive 15% gain.

As of this writing, Dogecoin’s price is $0.172696, with a 24-hour trading volume of $4.33 billion and a market cap of $24.8 billion. It is important to mention that DOGE price has increased by his 1.56% within the past day. This suggests that interest in Dogecoin is increasing, as indicated by Dogecoin’s upward trend.

Source: CoinMarketcap

Dogecoin breaktrend and bullish signals

Rekt Capital, a popular cryptocurrency analyst, recently highlighted Some important developments in the DOGE market. First, there was a notable breakthrough as Dogecoin effectively broke through the resistance line of a long-term downtrend. This breakout signals a significant change in general market sentiment, perhaps indicating we have entered a more bullish phase.

Furthermore, after the initial breakout, DOGE retested this macro downtrend, which also proved successful. A successful retracement would confirm belief in the new bullish momentum and suggest it may not be just a flash.

Additionally, Rekt Capital outlines that a bull flag pattern is developing in the Dogecoin market. This is usually taken as a sign that the bullish trend currently dominating the market may continue. Nevertheless, it should be noted that these patterns are not clear indicators and need to be confirmed by subsequent price movements.

All these new developments raise one important question. So, will Dogecoin be able to maintain its current rate of appreciation and break out of the bull market? As Rekt Capital pointed out, for a breakout to be successful, DOGE’s weekly closing price must be at a clear orange bull market. Some specific conditions are required, such as exceeding the Ox Flag limit.

Nevertheless, Dogecoin managed to confirm its position with a weekly candlestick closing above the critical level mentioned by analysts, validating its bullish flag pattern. This means that DOGE is currently set for a significant rally. The initial target for this surge is $0.20. If this resistance is broken, Dogecoin is expected to rise further and reach $0.27.

Source: Tradingview.com

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