Dogecoin has been down in the dumps lately, hitting lows not seen in months. But some crypto analysts are seeing signs of a potential turnaround. Could this be the start of something big for DOGE?
Is a Dogecoin Price Surge on the Cards?
Dogecoin’s price has taken a serious dive, plummeting from a yearly high of $0.48 to around $0.15. However, a seasoned trader, Trader Tardigrade, believes a comeback might be brewing.
A Bullish Cross on the Horizon?
Trader Tardigrade spotted a bullish cross on the Moving Average Convergence Divergence (MACD) indicator on the daily Dogecoin chart. This is a technical signal that often precedes a trend reversal. They see this as a sign that Dogecoin is building momentum for a significant rebound after a period of consolidation and decline. This could be the trigger for a much larger rally. Tardigrade predicts that once this “bullish cross” happens, DOGE will start trending upwards again.
A Massive Cup and Handle Pattern
Looking at the weekly chart, Trader Tardigrade also noticed a huge “cup and handle” pattern forming. This is another technical formation that often signals a shift from a bearish to a bullish trend, or the continuation of an upward trend. This pattern has been developing since the last bull market in 2021. Because of the potential upside of cup and handle patterns, Tardigrade believes DOGE could skyrocket to a new all-time high of $2.85 by 2026.
A 260% Surge?
Another analyst, Mind Trader, is also predicting a significant rally for Dogecoin. They believe a past price move, which resulted in a 260% increase, could repeat itself. This prediction hinges on DOGE breaking above its 21-week Simple Moving Average (SMA), currently around $0.20. If this happens, Mind Trader believes Dogecoin could see another massive surge in the coming weeks. They also point to a possible double-bottom support pattern on the weekly chart, reinforcing the potential for a bounce.
