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Dogecoin Upward Momentum Builds: DOGE’s Price Eyes Breakout From Key Chart Pattern

Renewed bullish momentum in the broader crypto market has triggered an upward moment for Dogecoin to revisit the $0.19 price mark. DOGE’s recent upswing reflects its robust resilience in an unfavorable market condition that caused significant fear and uncertainty in the sector due to United States President Donald Trump’s Tariff decisions.

DOGE Attempting A Bullish Breakout

Dogecoin’s recent price action shows that the dog-themed meme coin is likely to undergo a notable breakout in the near term. Crypto content creator and analyst Trader Tardigrade has pointed out a positive development on DOGE’s chart, which hints at a possible rally shortly. 

Delving into Dogecoin‘s performance in the daily time frame, Trader Tardigrade reveals that DOGE is showing signs of renewed strength as its price draws closer to a potential breakout from a Descending Trendline. The chart shows that the meme coin has previously tried to break out from the trendline but failed, and now it is making another attempt. 

According to the expert, DOGE is still below this resistance and is finding it difficult to break above the chart pattern after several attempts. While DOGE continues to face difficulty breaking out of the trendline, its Relative Strength Index (RSI) has shown a breakout. 

Dogecoin

This move suggests that the asset has recently gained significant momentum, as seen in its current bullish move to key resistance levels. With Dogecoin riding the bullish wave again, Trader Tardigrade is confident there may be a significant upswing as long as this momentum keeps increasing. 

Furthermore, should DOGE break above the descending trendline, the development would revive investors’ interest and act as a launchpad to higher levels. However, another failure to break above the trendline would lead to a further decline below the $0.15 mark.

Other momentum indicators, such as the Moving Average Convergence Divergence (MACD), demonstrate a positive movement that may bolster DOGE’s renewed uptrend. Trader Tardigrade highlighted that the MACD indicator is emerging from a triangle consolidation.

Looking at the chart, the meme coin witnessed a substantial upward performance to a new yearly high the last time this happened. As a result, the expert predicts another massive pump for DOGE in the upcoming weeks. This time around, the breakout could cause Dogecoin to rally to the $1 milestone, marking a new all-time high.

Dogecoin’s Bull Market Cycle Nearing Its End

Given the growing confidence in the market, DOGE is now eyeing a notable comeback. A price reversal at this time might be the beginning of the end of DOGE’s bull market cycle. 

Trader Tardigrade claims that the meme coin’s final stage of cycle 3 is being completed based on past cycle trends. Thus, the expert anticipates a significant pump in the coming weeks, with DOGE reaching a cycle peak at the $6 milestone.

Dogecoin

from Bitcoinist.com https://ift.tt/bGa4PB7
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