The recent surge in bullish momentum within the broader cryptocurrency market has propelled Dogecoin (DOGE) toward the $0.19 price level. This impressive upswing highlights DOGE’s remarkable resilience amidst a climate of market fear and uncertainty, particularly influenced by significant political events such as President Donald Trump’s tariff decisions.
DOGE Attempting A Bullish Breakout
Analyzing Dogecoin’s recent price performance reveals a promising pattern that suggests the meme coin may be poised for a breakout in the near term. Notable crypto analyst Trader Tardigrade has pointed out positive developments in DOGE’s chart, indicating the potential for an imminent rally.
When scrutinizing the daily time frame, Trader Tardigrade remarked that DOGE is demonstrating renewed strength as it approaches a critical resistance level—a Descending Trendline. Historical data shows that while the meme coin had previously attempted to break free from this trendline, it faced challenges, yet it is now making a formidable second attempt.
The expert noted that, despite still residing below the resistance, DOGE has encountered challenges breaking above the established chart pattern after numerous attempts. However, the Relative Strength Index (RSI) has displayed signs of potential breakout, signaling a shift in momentum.
This current upward momentum is indicative of DOGE’s strong performance as it approaches key resistance levels. As Dogecoin rides this renewed bullish wave, Trader Tardigrade remains optimistic, predicting a significant upswing if this momentum continues to build.
If DOGE successfully breaks above the descending trendline, it may revitalize investor interest and serve as a catalyst for further price advancements. Conversely, failing to overcome this hurdle could result in a decline below the $0.15 threshold, raising concerns among investors.
Additional momentum indicators, such as the Moving Average Convergence Divergence (MACD), support this narrative, suggesting a positive shift that could enhance DOGE’s uptrend. The MACD indicator has been observed emerging from a triangle consolidation, encouraging positive sentiment among traders.
The chart reveals that similar market conditions previously led to DOGE achieving a remarkable yearly high, and thus, the expert anticipates a potential major rally in the upcoming weeks. Such a breakout could propel Dogecoin toward the $1 milestone, setting the stage for a new all-time high.
Dogecoin’s Bull Market Cycle Nearing Its End
With increasing market confidence, DOGE is making strides toward a significant comeback, suggesting a potential price reversal. However, such a reversal could also signify the conclusion of DOGE’s current bull market cycle.
Trader Tardigrade asserts that the meme coin is nearing the completion of cycle 3, based on historic trend analysis. Consequently, the expert is projecting a strong price movement in the weeks ahead, with expectations of DOGE reaching an impressive cycle peak around the $6 mark.
