Dogecoin price could be preparing for a rise strong upward movementas a crypto analyst has identified a recurring pattern in the meme coin’s movements. This optimistic outlook on Dogecoin’s future development comes after the meme coin experienced one Severe price drop of over 46%, pushing it to new lows.
Dogecoin price is preparing for a major uptrend
During his Price decline In December, Dogecoin experienced a massive 46% crash, falling from its yearly high as its momentum slowed significantly. Despite this correction, the The meme coin is showing signs of recoveryis experiencing renewed strength after posting significant gains in January.
Crypto analyst Maelius divided on According to its analysis report, which tracks Dogecoin’s price performance during previous cycles, the consistency of the magnitude of previous waves reinforces the likelihood that the meme coin has already done so reached its lowest point.
A look at the analyst’s Dogecoin chart shows that Meme coin price history shows a recurring pattern of cyclical waves characterized by massive rallies followed by sharp corrections. Each upward move, identified by a wave number on the chart, has strengthened in each cycle.
For example, Dogecoin saw a 53% decline in April 2021, followed by a massive 1,175% increase to new all-time highs. A similar but more serious price drop occurred during the bear market from July 2022 to 2023. At that time, the Dogecoin price experienced several price declines and an extended period of consolidation. Towards the end of 2023, the meme coin experienced a slight recovery, with its price increasing by 308%.
Another notable aspect of Maelius’s analysis is emphasis Buy zone on the Dogecoin price chart. This critical area has historically served as a strong supply level for Dogecoin and represents a price range where demand surges accumulation occurs.
According to Maelius, Dogecoin has recovered from this buy zone, a development that is seen as a positive step for the meme coin’s next upward move. With the belief that Dogecoin has bottomed out and recently recovered from the buy zone, the analyst predicts an uptrend that could take the meme coin to a higher level new all-time high of $2.3.
Maelius also pointed out that each upward move in the previous cycles was stronger than the last, implying this Dogecoin next price rally could even be stronger than those observed in previous cycles.
Dogecoin price chart forms bullish pennant
A new Dogecoin price analysis from Trader Tardigrade shows that the meme coin is currently Formation of a new bullish pennant on its 4-hour chart. A bullish pennant is a technical chart pattern that resembles a small symmetrical triangle and indicates a possible continuation of the uptrend.
In the case of Dogecoin, the formation of a bullish pennant suggests that after an earlier rally Dogecoin is consolidating and could be preparing for another price rise if it breaks out of this pattern. CoinMarketCap data shows that Dogecoin is this is slowly picking up speedrose 19.3% over the past week to reach a price of $0.38.
Featured image created with Dall.E, chart from Tradingview.com