As a seasoned crypto analyst with over a decade of experience in this wild and unpredictable world of digital assets, I have seen bull runs come and go, but never one quite like the current Dogecoin rally. The explosive growth of this meme coin has left even the most hardened market veterans scratching their heads in disbelief.
The Dogecoin price is up almost 150% since the start of this month, as the foremost meme coin continues to enjoy a massive bull run. Crypto analyst Alan Santana has provided insights into what is driving this rally and whether it is sustainable.
What Is Driving The Dogecoin Price Rally
In Alan Santana’s TradingView post, he hinted at the Dogecoin price surge being fueled by a significant trend on DOGE‘s monthly chart. He emphasized that this month is exhibiting a bullish breakout, marking the first robust green month since the 2021 bull run. The analyst pointed out January 2021 as a comparable instance, where a similar action took place, leading to an extended “very strong bullish phase”.
As an analyst, I concur with Santana’s sentiment. While the current robust growth in Dogecoin’s price is impressive, it doesn’t signify the conclusion of its upward trend. Rather, this vigorous growth indicates the onset of a bullish cycle, suggesting that investors may anticipate further parabolic surges in Dogecoin in the near future.
Santana urged those with questions to take a broader view of the monthly graph. He disclosed that this particular month has seen the highest trading volume since 2021. Additionally, the analyst pointed out that this month successfully breached a prolonged resistance and downward trendline. Lastly, he stated that this month marked the conclusion of a three-year period where Dogecoin’s price was consolidating.
The analyst pointed out that the three-year period of consolidation could result in a robust bull market, and that’s exactly what we’re seeing currently. Consequently, Santana emphasized that no matter how much Dogecoin’s price increases this month, it merely represents the beginning. In the near future, the analyst cautioned that there may be fluctuations and corrections, with a significant one potentially arising as well.
Instead, Santana stated that these adjustments are beneficial since they offer a chance to cash in at resistance levels and restock at support points. Moreover, he emphasized that the potential for Dogecoin’s price increase is substantial, with no upper boundary to its potential growth.
Most Explosive Leg Still Ahead
In a recent post on X, crypto analyst Kevin Capital expressed an opinion akin to Alan Santana’s, implying that there may still be significant growth potential for Dogecoin prices. This assessment was made as he pointed out the current position of Dogecon’s price and its Relative Strength Index (RSI) on the monthly timeframe compared to past bull markets.
According to analyst Trader Tardigrade, if Dogecoin’s current price level and Relative Strength Index (RSI) maintain their current trends, this ongoing DOGE bull market still has a significant distance to travel. The most powerful surge in this bull run is yet to come, as per his predictions. By August 2025, Dogecoin could potentially reach $8.7 if it imitates the 2017 bull run, or it might soar to $30 by March 2025 if it mirrors the 2021 bull run.
Currently, as I’m typing this, Dogecoin’s value is approximately $0.40 per coin. Over the past day, it has decreased by more than 6%. This information is derived from market data provided by CoinMarketCap.
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2024-11-27 05:12