With the broader crypto market turning bullish again, Dogecoin, the largest dog-themed meme coin, has shifted toward positive territory as it recovers above the $0.17 level. Many crypto experts continue to predict an impending price rebound, suggesting that DOGE’s renewed upward movement could be part of a larger uptrend.
A Price Rebound Imminent For Dogecoin?
Dogecoin is experiencing renewed positive momentum, recording an over 5% gain in the last two days. As the price begins to show upward movements, market expert and trader Ali Martinez has forecasted an impending rally for DOGE, indicating the continuation of the ongoing uptrend.
While Martinez predicts a rally for the meme coin, it must maintain support at a critical price level. DOGE’s recent price action shows signs of a potential trend reversal, setting the stage for a notable upsurge as bullish momentum builds.
Martinez’s forecast is based on a significant Ascending Parallel Channel formation that has been developing over the past decade on the weekly time frame. This rising pattern hints at a bounce-back scenario and illustrates the potential for upward movement.
Currently, the Ascending Parallel Channel pattern has established a solid support zone at the $0.16 mark. Historically, whenever this pattern forms a robust support, DOGE typically sees significant rallies toward new all-time highs.
Considering past trends, Martinez forecasts a rebound toward the mid or upper range of the channel if Dogecoin maintains its positive stance above the $0.16 support. Such a surge would position the meme coin’s price between $4.5 and $14 by the end of the current bull market cycle.
Downside Movement For DOGE More Likely Than An Upside Push
Despite the potential upside, there are concerns regarding Dogecoin’s ability to maintain momentum. DOGE could face downside risks if it fails to hold above the support zone.
Trader Tardigrade, a crypto analyst and investor, has identified a potential downside move following an analysis of DOGE’s daily chart, where a bearish Tweezer candlestick pattern indicates a false breakout at the $0.176 resistance level.
This technical pattern suggests that Dogecoin may move downward to retest the previous support level of $0.143, creating a sideways range between $0.143 and $0.176. However, DOGE’s stabilization within this range may pave the way for an upward breakout if it gains momentum with higher lows just below $0.176.
As of now, the meme coin has risen to around the $0.175 mark, reflecting an increase of over 2% in the last 24 hours. Data from CoinMarketCap indicates a significant bullish shift in investor sentiment, with trading volume climbing by more than 56% in the past day.
