The much-anticipated massive bull market for Dogecoin could be just around the corner, as a cryptocurrency expert claims DOGE is gearing up for the next rally that will potentially hit new all-time highs. This forecast follows DOGE’s recent rally over the past few weeks, suggesting a resurgence of upward momentum.
Dogecoin is set to make huge gains in the coming weeks
Amid growing optimism about Dogecoin, seasoned cryptocurrency expert and investor Trader Tardigrade has declared that the meme coin is gearing up for its next major run. The Tardigrade trader shared his predictions on the X (formerly Twitter) platform, which sparked excitement within the Dogecoin community.
Market experts claim that DOGE is gearing up for the next bull run after citing key price patterns on the charts, most notably the formation of the Hidden Bullish Divergence, which shows that the dog-themed meme coin is building strength for a potential breakout. Bullish hidden divergence formation usually occurs within a downtrend, indicating that the downside momentum may be reversing or slowing down.
Tardigrade traders cited the main pattern of Dogecoin’s Relative Strength Index (RSI) on a 4-hourly basis. According to analysts, this important indicator provides early signs of Dogecoin’s continued upward trend, allowing the digital asset to reach higher peaks.
As DOGE prepares for its next significant rally, Trader Tardigrade expects two major pumps to occur in the near term, demonstrating strong confidence in the asset’s near-term prospects. His forecast is based on historical price trends that have seen DOGE rise to market highs several times over the past two bull cycles.
For the first pump, the expert set the next target at the $2 price level. Meanwhile, a second pump is set to trigger a move towards the $20 threshold if history repeats itself. As a result, the analyst believes that DOGE’s bull market is just beginning, noting that it is still too early to capitalize on the upside.
Is DOGE’s market top coming sooner than expected?
Dogecoin’s market top appears to be much closer than widely expected, according to cryptocurrency analyst Dima James Potts. He made this claim after seeing price trends similar to previous cycle highs.
In the first and second cycles, DOGE surged 21,821% and 54,890%, respectively, from bear market highs. The third cycle has not yet peaked, but if past events occur again, DOGE expects it to peak around January 19, 2025. This is because meme coins often reach their peak in about 1446 days.
DOGE’s market high for this cycle is fast approaching, but the expert is confident that this cycle’s rally could be bigger than the past, as the percentage gains from each previous cycle have increased, setting a target of $36.
With signs of a resurgence in the general cryptocurrency landscape, Dogecoin could capitalize on the new momentum and see further increases in the future.
Source: NewsBTC.com