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Despite Doge's price significantly dropping to levels unseen in months, cryptocurrency community analysts' optimistic predictions are increasingly rising. Doge's recent sharp decline may have erased its upward momentum, but this phase might be laying the groundwork for a significant future trend.
Is Doge About to Enter an Upward Trend?
Doge has experienced the largest decline in this cycle, falling from the annual high of $0.48 to a support level of $0.15. However, all this may become history, as this largest dog-themed meme coin suggests a substantial rebound in the short term.
After deeply researching Doge's price trends, experienced technical expert and investor trader Tardigrade revealed that Doge might be preparing for a strong rebound through a key crossover point. The emergence of this key crossover indicates that the meme coin is slowly accumulating momentum against the backdrop of recent pullback, promising a strong rebound.
Trader Tardigrade discovered a bullish MACD crossover on Doge's daily chart. This technical trend is typically seen as a harbinger of trend reversal.
This crossover is a strong signal, with chart patterns supporting the upward momentum after a period of consolidation and pullback. If verified, this technical crossover could become a springboard for Doge's subsequent rise and pave the way for a broader rebound. "When the bull market crossover occurs, Doge will return to an upward trend," the expert stated.
On the weekly chart, trader Tardigrade hinted that Doge will experience a significant increase as a large-scale macro cup and handle pattern forms. The cup and handle pattern is a technical structure that indicates a trend shifting from bearish to bullish, or the continuation of an upward trend.
From the weekly chart, the key formation seems to have formed since the last bull market cycle in 2021. Despite previous price surges and pullbacks, Doge has remained within this macro cup and handle pattern.
Given the cup and handle pattern's renowned upward potential, trader Tardigrade believes a strong upward market is imminent, with prices reaching unprecedented levels. Once this meme coin breaks through the key formation, its price is expected to reach $2.85 by 2026, setting a new historical high.
Previous Peak May Return
Despite bearish pressure, Doge still shows a rebound momentum and a strong 260% increase, as predicted by cryptocurrency analyst Mind Trader. Although Doge shows rebound signs, the weekly chart reveals it has formed a potential Double Botto support level.
Mind Trader's prediction is based on Doge's (DOGE) previous 260% rise. According to this expert, this significant increase depends on breaking through the 21-week simple moving average (SMA).
Currently, Mind Trader anticipates that breaking the weekly 21-day moving average (currently at $0.20) will reignite the upward momentum. Given this trend might continue its previous pattern, Doge may be preparing to surge 260% again in the coming weeks.
