Dogecoin surged on Wednesday, hitting $0.17. Analysts are optimistic, pointing to bullish signals.
A Second Chance at Support
After a slump, Dogecoin’s price is back above key resistance levels. Crypto expert Trader Tardigrade sees a potential rally. He notes that Dogecoin has twice bounced off a crucial support level (seen on the weekly chart). This repeated bounce suggests strong underlying support and could launch a new upward trend. A similar bounce last September led to a significant price increase. Trader Tardigrade believes history could repeat itself, potentially pushing Dogecoin beyond $0.90 and creating a new all-time high.
Chart Patterns Point to a Rebound
Looking at the daily chart, Trader Tardigrade highlights an “ascending channel” pattern. This pattern, with its upward-sloping trendlines, usually indicates price consolidation within an uptrend, often preceding a rally. Dogecoin is currently at the lower support of this channel, primed for a breakout towards the upper resistance at $0.176. At the time of writing, Dogecoin was trading at $0.174, up over 7% in 24 hours, with trading volume up a massive 105%. This increased volume adds to the bullish sentiment.
