DOGEUSD may be on the verge of a significant price rally, according to a recent analysis by crypto market specialist Trader Tardigrade. The analyst identified a bullish breakout above the 50-day trendline, sparking fresh hope within the crypto community and suggesting that the meme coin’s prolonged downtrend could be coming to a close.
Trader Tardigrade announced in a post on July 1 that Dogecoin’s price has managed to break through a crucial 50-day descending trendline. This development indicates a potential onset of a strong upward price movement in the near future. Dogecoin’s trendline breakout signifies a major shift in momentum, given the meme coin’s consistent downtrend in recent weeks. Presently, Dogecoin is trading at approximately $0.17, reflecting an almost 10% drop in the past month, data from CoinMarketCap reveals.
The end of this market downturn appears to be in sight. Trader Tardigrade points out early signs of a bullish reversal pattern in DOGE’s microstructure. The analyst’s price chart shows that Dogecoin formed a higher low and a subsequent higher high after breaking the long-standing trendline. A second higher low was recently established, suggesting a new uptrend might be commencing. This pattern, characterized by higher lows and highs, is often an early indicator of buyers regaining market control.
The breakout is particularly significant as it follows a period of lower lows and highs, with the 50-day trendline serving as a formidable resistance barrier. With this barrier now overcome and bullish market signs emerging, Trader Tardigrade is increasingly confident about Dogecoin’s short-term outlook. If the trend continues, it could indicate the beginning of a prolonged rally for the meme coin.
In a separate analysis, market expert Kaleo suggested that Dogecoin’s current price below $0.20 offers a robust accumulation opportunity. Backing his statement with a chart, Kaleo theorized that Dogecoin could be on the brink of a major breakout, with possible targets of $1.5 or even beyond $3.5. His analysis draws parallels between Dogecoin’s current market structure and the 2020 breakout that initiated the meme coin’s remarkable bull run.
