Dogecoin’s price has experienced wild fluctuations, Long term sideways trading In the last few weeks. However, experienced analysts suggest there is little reason to panic. Beneath the short-term turmoil lies a long-term structure, which experts believe could set the stage for a major price breakout. They suggest that the broader technical picture paints a bullish narrative that could eventually become the case. Raise DOGE above $1 When the momentum returns.
Long term accumulation signal Dogecoin price next bull run
According to technical analysis presented According to crypto analyst EtherNasyonal on X social media this week, the price of Dogecoin is massive bull market Over $1. He explained that DOGE’s price trend remains within the range of strong long-term fluctuations. rising channelmaintains structural integrity despite continuous price fluctuations. His analysis of monthly charts shows that meme coins Accumulation over multiple years This is similar to the pattern that formed before the explosive rally in 2017 and 2021.
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EtherNasyonal emphasizes that The momentum is quietly increasing It is above a major support level, indicating that the next expansion phase may be forming. This chart shows that Dogecoin, which has been trading within a parallel ascending channel since 2014, is currently consolidating near the lower bound near $0.18.
Historically, every time Dogecoin completes a similar descending pattern within this structure, move up parabolically. The previous breakout sent memecoin up by thousands of percent, rising from a few cents to an all-time high of over $0.70.
Dogecoin’s current chart setup suggests that this bullish behavior will be repeated. A large, round basic pattern is observed between 2022 and 2024, reflecting steady accumulation and potential decline. selling pressure. EtherNasyonal’s forecast targets the upper midline of the ascending channel, which could potentially push it above $1. historical pattern Development as expected.
Dogecoin’s erroneous breakdown suggests a possible reversal
On a shorter time frame, crypto analyst Trader Tardigrade provides additional context to Dogecoin’s current price movement. his 4 hour chart highlights “Fake breakout” followed by “incorrect breakdown” Dogecoin initially broke above the resistance near $0.206, but failed to hold and rebounded sharply to retest the floor near $0.178.
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This quick reversal pattern aggressive sales A rapid rebound then occurs, often before a recovery towards the previous resistance level. Trader Tardigrade’s chart structure indicates that any breakdown below horizontal support levels will be short-lived and buyers are likely to step in to absorb liquidity. push up prices.
The chart setup suggests that DOGE could quickly reclaim the $0.20-$0.21 region from the current price of $0.18 as its next target zone. If the pullback continues and momentum aligns with the broader monthly structure, this could be the first part of a sustained uptrend.
Featured image from Getty Images, chart from Tradingview.com