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Renowned crypto analyst Trader Tardigrade has recently highlighted that Dogecoin may have reached a local bottom. With a detailed analysis, he suggests a potential 100% rally from its current price levels, offering a promising outlook for investors in this leading meme coin.
Understanding the Local Bottom in Dogecoin’s Price
In a recent post on X, Trader Tardigrade identified a local bottom signal for Dogecoin. He elaborated on the phenomenon where the DOGE Moving Average Convergence Divergence (MACD) bearish cross leads to a sideways trading pattern for approximately a week before embarking on another bullish trend.
Insights into the Upcoming Bullish Trend
Currently experiencing the bearish cross, the DOGE price seems poised for an upward movement. According to Trader Tardigrade’s forecast, this bullish phase could commence in a week, potentially witnessing a 100% rally that might elevate the price to $0.28 from its existing level.
Historical data illustrated in his chart reveals that Dogecoin has consistently formed local bottoms before experiencing significant upward momentum. Since September, the DOGE price has surged over 53%, outperforming the top 100 cryptocurrencies by market cap. Master Kenobi, another crypto analyst, who had accurately predicted the onset of the Dogecoin bull run, recently asserted that the meme coin is primed for the next phase of its bull run.
Revisiting Resistance Levels: A Positive Indicator
In his X post, Master Kenobi expressed optimism about Dogecoin price climbing above $0.16, noting that the meme coin has successfully retested previous resistance levels and established them as support. He further predicted that upcoming key levels would be $0.23, $0.33, and $0.73, the latter being its current all-time high (ATH). Upon reaching the ATH, Kenobi anticipates a “moon” scenario, denoting a parabolic price rally.
Anticipation of a Golden Cross for DOGE
Kevin Capital, a self-proclaimed DOGE lead analyst on X, disclosed that a daily and weekly golden cross is on the horizon for Dogecoin. This potential development is set to coincide with a possible Donald Trump election victory and Elon Musk’s implementation of the Department of Government Efficiency (D.O.G.E), which may further influence Dogecoin’s price positively.
Impact of Political Events on Dogecoin’s Trajectory
Should Trump secure a victory, it could act as a catalyst for a Dogecoin price surge beyond $0.20, primarily due to the favorable conditions for Musk’s D.O.G.E proposal. Crypto analyst Ali Martinez has also pointed out the significance of Dogecoin as a strategic trade leading up to the US elections. Notably, Dogecoin has distinguished itself from other crypto assets, emerging as the top gainer among the top 100 cryptocurrencies by market cap in the run-up to the elections.
As of the latest update, the Dogecoin price is approximately $0.165, marking an impressive increase of over 10% in the past 24 hours, according to CoinMarketCap data.
Stay informed with the latest Dogecoin price movements and market analysis, ensuring you make well-informed investment decisions in this dynamic cryptocurrency landscape.
