Dogecoin's Chances Of An Upward Trend Continuation Increases With This Bullish Move | Bitcoinist.com

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure With the growing bullish market sentiment, Dogecoin has flipped positive as the popular dog-themed meme coin slowly builds on its newfound upward momentum. Several technical signals are starting to unfold on the DOGE’s chart, hinting at a possible continuation of the renewed upside movements.

Bullish Move Puts Dogecoin On Track For A Rally

Following a period of heightened bearish performance, Dogecoin has ventured into a bullish state as it targets the next key resistance located at the $0.17 level. Given that the broader crypto market maintains its current optimistic condition, DOGE could retest this key level in the upcoming days.

Related Reading: Dogecoin Flashes Possible Trend Reversal With Key Bullish Cross ApproachingDelving into Dogecoin’s current price action, Trader Tardigrade, a seasoned technical expert and investor, has drawn attention to a signal that suggests that the meme coin is set for a bullish phase. Dogecoin is showing early indications of a possible recovery, and a recent positive move that reinforces the argument for an upcoming uptrend.

In the 1-hour time frame chart, Trader Tardigrade revealed that DOGE has formed a hidden Bullish Divergence. This critical move is observed on the Relative Strength Index (RSI) chart, a key momentum indicator.

DOGE set for a rebound after bullish divergence | Source: Trader Tardigrade on XWith this key technical signal emerging, Trader Tardigrade believes that the development could indicate a greater chance of an impending upward trend continuation. A hidden bullish divergence is an indication of a continued uptrend despite a brief price decline.

Specifically, this move occurs when a momentum indicator, such as the RSI or MACD, produces a lower low as seen on the DOGE’s chart. Since the divergence often precedes upward movements and price spikes, Trader Tardigrade’s forecast of a continued rally is likely to materialize in the short term.

Past Trend Hints At A Massive Upsurge For DOGE

Even though Dogecoin has fallen sharply from its yearly high of $0.48, the meme coin is still trending in an ascending trend line. Trader Tardigrade has highlighted a massive ascending support trend line in the 2-week time frame chart.

Related Reading: Analyst Who Puts Dogecoin Price At $10 Reveals The Trend That Will Drive The SurgeThe 2-weekly chart shows that this key rising trend line has been forming for nearly two years, particularly from September 2023 till the current date. Such a trend line reflects Dogecoin’s robust resilience over the years despite several notable pullbacks.

Looking at the chart, this move to retest the ascending trend line appears to be a bullish one. In 2023, DOGE witnessed a rally after retesting this trend line. A similar result was also observed in September 2024, which ultimately led to the current yearly high of $0.48.

Considering past scenarios as the meme coin retests the trend line once again this year, Trader Tardigrade is confident that a notable rally could be on the horizon. With each scenario resulting in a bigger upward move than the last, DOGE’s price is likely to experience a sharp spike beyond its yearly high and potentially revisit its present all-time high of $0.73.

DOGE trading at $0.16 on the 1D chart | Source: DOGEUSDT on Tradingview.comFeatured image from Pixabay, chart from Tradingview.com Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.