Following the US presidential election results, Dogecoin (DOGE) experienced a wild rally and received massive attention from traders and investors. However, in recent days, the meme coin seems weak. This weakness in the DOGE rally has, among other things, raised questions about whether the DOGE bull run is over and whether the DOGE price will fall.
Expert Bullish View on Dogecoin (DOGE)
Looking at the sentiment of traders and investors around the DOGE meme coin, a prominent one emerged crypto expert posted on
However, with the steadily growing interest in DOGE as seen earlier, the meme coin has a lot more room to rise in the coming days.
In addition to investor interest in DOGE, other factors such as bullish price action and current market sentiment further support the meme coin’s upcoming rally.
Dogecoin technical analysis and key levels
According to CoinPedia’s technical analysis, DOGE has formed a bullish descending triangle and flag-and-pole price action pattern over a four-hour time frame. However, the price has reached a narrow zone within this pattern and is ready for a breakout.
Based on historical momentum, if DOGE breaks the pattern and closes a four-hour candle above the $0.38 level, there is a strong possibility that the meme coin could rise by a minimum of 15% and a maximum of 50% and reach the $0.44 or will reach $0.44. $0.58 levels, respectively.
As of now, DOGE is trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating an uptrend. Meanwhile, the Relative Strength Index (RSI) suggests a potential upside rally in the coming days as the price approaches oversold territory.
Current price momentum
Bullish market sentiment has DOGE trading around $0.365 and has registered a 2% decline in the last 24 hours. During the same period, trading volume fell by 18%, indicating lower participation from traders and investors, who may be waiting for the bullish pattern to break.