Dogecoin, the largest meme coin is demonstrating potential for a notable price spike in the short term. With key indicators and past price trends pointing to an upside momentum, DOGE could be poised for a much larger bull run than the recent rally to the $0.47 level.
A Potential End To Dogecoin’s Recent Correction
Over the past few weeks, Dogecoin has witnessed heightened volatility, leading to a significant drop in price to about $0.26. However, market expert and trader Daan Crypto Trades has predicted a possible turnaround for the dog-themed meme coin, suggesting that the current correction phase may be nearing its end.
Daan Crypto Trades’ prediction aligns with the notion that such lengthy consolidation phases are seen before an upward momentum. Since DOGE has been struggling to surge again, the current correction’s conclusion could mark the beginning of a recovery phase for the digital asset.
The expert’s perspective hinges on a key resistance range that might fuel a substantial leg-up for Dogecoin to higher levels. Thus, investors and traders are now monitoring several crucial resistance levels as DOGE prepares for its next major move.
It is worth noting that following the recently concluded United States Presidential elections, DOGE saw a remarkable run. After that, the meme coin cut sideways, flushed lower, and is currently trading just below the weekly level and the previous range bottom.
If the meme coin can recapture the $0.335 and $0.35 region, Daan Crypto Trades expects this high timeframe correction to come to an end. This correction is simply a higher low following a run of about 6 times from the August lows. As a result, the analyst anticipates DOGE a rally to new cycle highs, possibly in 2025, once the correction is completely over.
Given the current volatility, the high timeframe correction reaching its end could play a pivotal role in shaping the short-term price dynamics of the leading meme coin. However, broader market conditions will be crucial to look out for in the upcoming weeks.
Past Trends Hints At A Rally To A $20 DOGE
Dogecoin’s uptrend may have slowed down, but crypto analyst and trader Javon Marks remains confident about its potential in the ongoing cycle. Considering historical trends, Javon Marks suggests that DOGE may be poised for a huge surge, possibly targeting the $20 threshold.
Javon Marks points to reoccurring patterns in past cycles, which preceded explosive upward moves to a new peak for DOGE. When comparing the previous two bull cycles, DOGE’s performance has gotten bigger than the last.
With recent price action aligning with these past trends, DOGE is well-positioned to put on yet another impressive bull performance. A more $20 DOGE might be the outcome of the anticipated massive bull run in this cycle.
Featured image from Adobe Stock, chart from Tradingview.com
