Dogеcoin Rises 6%, Analysts Predict Bullish Breakout Above $0.15 Soon

Dogеcoin (DOGE) has cаught аnаlysts’ аttеntion, displaying symptoms of а potеntiаl rеvеrsаl following а prolongеd bеаr mаrkеt. Renowned cryptocurrency analyst Marter Kenobi identified a noteworthy trend in DOGE’s decline, characterized by three separate cycles of comparatively shorter durations.

The initial decline lasted for 540 days or around 1.5 years. The second cycle had a notable decrease in length, spanning 364 days, or precisely one year. The token is currently on its third and seemingly last cycle, lasting about 182 days, or six months.

According to Kenobi, the decreasing duration of these cycles may indicate a change in market conditions. He suggests that the bears might enter a dormant phase because they have increased their influence. This potential hibernation period might set the stage for a robust recovery in the DOGE market and potentially spark a new bull run.

Presently, the value of Dogеcoin is $0.103, representing a rise of 6.19% over the previous day. This gain occurred after the cryptocurrency bounced off its support level of $0.089 on September 6. Financial analyst Ali Martinez also identified a declining wedge pattern on its daily chart. Martinez suggests that if it stays over $0.10, it might surge rapidly and reach $0.15.

Trading View Shows Dogеcoin Momentum

The 20-day Exponential Moving Average (EMA), a key technical indicator, is currently at $0.100, with DOGE’s price positioned above this level. If the price stays above it, further gains may follow.

Additionally, the Relative Strength Index (RSI) has shown a recovery. This momentum indicator rebounded from an oversold level of 39 on September 6 and has since risen to 51.65, indicating improving market sentiment. Though not yet overbought territory, the RSI’s upward trend suggests that positive momentum may continue.

World of Charts, a popular cryptocurrency analysis platform, recently tweeted a forecast of significant price growth for DOGE. The forecast predicts a “mega bull run” and exponential growth following an upcoming breakout. This optimistic outlook adds to the speculation that Dogecoin may be on the verge of a significant price surge.

Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.