A popular trader on X revealed a technical setup that could indicate an upcoming Dogecoin (DOGE) rally that could last 93 days at least.
In an X post published on Thursday, Trader Tardigrade, who is followed by nearly 73,000 users, shared an analysis of a 1-day chart that revealed the length of recent bearish and bullish cycles.
According to his assessment, the price of DOGE could rise to around $0.75 within the next 3 months as the most recent bearish wave seems to be coming to an end.
This implies a 384% jump for the meme coin, whose price currently sits at $0.1551.
Meanwhile, another popular trader known as ali_charts on X shared on Tuesday that DOGE’s whales had accumulated more than 800 million tokens worth around $124 million based on today’s prices.
Both predictions favor a bullish outlook for the top meme coin and could anticipate a trend reversal at a point when market sentiment has been progressively improving.
Dogecoin Has Been Temporarily Trapped Between the 21D EMA and a Key Support
In the past 24 hours, Dogecoin has dropped by 1% while trading volumes have dropped by 23% and currently stand at $570.5 million.
Looking at the charts, we can see how DOGE recently rejected a move above the 21-day exponential moving average (EMA) in what is considered a value area as trading volumes are high at these levels.
Although the price broke above a descending triangle that had been forming since December, momentum has not picked up its pace and DOGE seems to have entered consolidation as market participants wait for the next catalyst to decide where the price should be heading.
For now, it seems that DOGE could be poised to trade range-bound for a while between the 21D EMA and its $0.1400 horizontal support.
These two levels are the most relevant resistance and support areas to watch as a break below or above could indicate that the market is getting ready for its next big move.
Momentum has stalled but currently favors bulls as the Relative Strength Index (RSI) is standing above the 14-day SMA and trending higher. Meanwhile, the MACD’s histogram has shown a positive increase for two consecutive days – including today.
If a new bullish cycle is forming, top Web3 storage plays like Best Wallet (BEST) could be among the biggest winners, as investors look for secure, feature-rich wallets to store and grow their assets.
Best Wallet (BEST) Presale Enters Final Stage – Don’t Miss Out
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So far, the presale has raised nearly $12 million – and with the final stage now live, this could be the last chance to secure $BEST at a fixed low price.
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The post Is Dogecoin About to Explode? Analysts Say a 3-Month Bull Run May Be Starting appeared first on Cryptonews.
