Dogecoin Enters A Long-Term Bullish Rally, Here’s The Roadmap And Target

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As a researcher with a background in cryptocurrency analysis, I find Behdark’s analysis on Dogecoin intriguing and well-supported by historical price data. Based on his findings, I believe that Dogecoin is currently in the midst of a long-term bullish rally due to its strong support at $0.1 and the extended correction period.

According to a cryptocurrency expert’s analysis, Dogecoin may have initiated a prolonged upward price trend, pushing its value beyond $0.16 after a brief dip under $0.13. Factors fueling this bullish momentum remain to be determined.

Dogecoin Ready For Long-Term Bullish Rally

As a dedicated crypto researcher, I’ve come across an intriguing analysis by Behdark, a well-known crypto analyst on TradingView. This insightful assessment of Dogecoin has piqued the interest of the community. According to Behdark, Dogecoin is currently experiencing a bullish rally, and he provides compelling reasons to support this observation.

Behdark pointed out that the Dogecoin price has established robust support slightly above $0.1. This support plays a crucial role in propelling the coin back up during market downturns. The significant demand at this level causes the price to rebound, as demonstrated by its upward trend following the latest market crash.

The meme coin has been correcting for an extended period, which is one reason why the analyst expects a bullish trend to emerge. Behdark referenced the prior correction that lasted for approximately 900 days and suggested that this current correction could continue for around 500 days in a comparable manner.

Dogecoin Enters A Long-Term Bullish Rally, Here’s The Roadmap And Target

As an analyst, I would explain it this way: The bull market didn’t start with the recent surge, I believe. In fact, it had already commenced back in October 2023 when the price surpassed $0.06. There have been cycles of uptrends and downtrends throughout this rally, which allows me to identify the current wave the price is entering.

Invalidation Thesis For The Analysis

Just as in any analysis, Behdark’s prediction for a bullish rally in Dogecoin includes a threshold where this trend may no longer hold true. Specifically, if Dogecoin fails to keep its price above $0.08, it would signify a violation of the analysis. In simpler terms, closing a daily candle above this level without breaching it would undermine the analysis’s validity.

As an analyst, I’d interpret Behdark’s perspective as follows: I personally believe that the DOGE price has entered a D wave after surpassing $0.2, marking the completion of its C wave uptrend. Historically, this D wave has been bullish for the price, leading to a significant price increase of at least 100%.

From my research perspective, Behdark has set the initial price target at $0.28. Following this, a correction is anticipated towards $0.16, marking the end of the E and F waves. Subsequently, the onset of the G wave will lead to a significant price increase of more than 100% to reach $0.38.

At present, Dogecoin’s price continues to hover above $0.16, representing a noteworthy gain of 18.6% over the past week. With a market capitalization of $24.18 billion, Dogecoin holds the position as the eighth most valuable cryptocurrency in the current market.

Dogecoin Enters A Long-Term Bullish Rally, Here’s The Roadmap And Target

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2024-05-07 09:26