Is Dogecoin About to Explode? Analysts Indicate a 3-Month Price Rise May Be Starting

A famous trader on X has revealed a technical setup that could indicate an upcoming bullish trend for Dogecoin (DOGE) that may last at least 93 days. In a post on X published on Thursday, Trader Tardigrade, who is followed by nearly 73,000 users, shared an analysis of the 1-day chart showing the length of recent bearish and bullish cycles.

According to his assessment, the price of DOGE could rise to around $0.75 in the next 3 months as the recent bearish wave seems to be coming to an end. This implies that this meme coin is bullish by 384%, currently priced at 0.1551 dollars. Meanwhile, another well-known trader named ali_charts on X shared on Tuesday that the DOGE "whales" have accumulated over 800 million tokens, worth about 124 million dollars based on the current price. Both predictions support the bullish outlook for the leading meme coin and may forecast a reversal trend as market sentiment gradually improves. Dogecoin has been temporarily stuck between the 21-day EMA and a key support level. In the past 24 hours, the price of Dogecoin has decreased by 1% while the trading volume has dropped by 23% and is currently at $570.5 million. When looking at the chart, we can see that DOGE has recently rejected the bullish move on the 21-day exponential moving average (EMA) in the area considered to be valued due to high trading volume at these levels.

Although the price has broken through the descending triangle pattern formed since December, the bullish momentum has yet to accelerate and DOGE seems to have entered a consolidation phase as market participants await the next catalyst to determine the direction of the price. Currently, it seems that DOGE may trade within a limited range for a while between the 21-day EMA and the horizontal support level of $0.1400. These two levels are the most important resistance and support zones to watch because a break below or above could indicate that the market is preparing for the next major move. The uptrend has paused but is currently supporting the bulls as the Relative Strength Index (RSI) is above the 14-day SMA and trending higher. Meanwhile, the MACD histogram has shown positive gains for two consecutive days – including today.