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Driven by the renewed bullish sentiment in the cryptocurrency market, Dogecoin's price saw a slight increase, followed by a resurgence of bearish pressure. Despite ongoing volatility that could significantly impact Dogecoin (DOGE), the key price movement paints an optimistic outlook for this dog-themed meme coin, as its upward momentum continues to strengthen.
Dogecoin's Upward Momentum Strengthens After Key Moves
Since falling below $0.20, Dogecoin has faced a strong bearish trend, keeping its price well below this level. However, recent analysis suggests that after a period of significant volatility and pullback, Dogecoin's price may have found its bottom.
Technical expert and investor trader Tardigrade conducted an in-depth analysis of Dogecoin's price movement, discovering a key trend on its 1-day chart that reflects strong upward momentum. Since the beginning of this year, Dogecoin had multiple failed attempts before finally exhibiting this trend.
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Experts state that Dogecoin has successfully rebounded from its previous downtrend for the first time. The daily chart shows that after three equally matched attempts to recover from the decline, Dogecoin finally rebounded, demonstrating its remarkable resilience.
Considering the price movement, trader Tardigrade believes Dogecoin may have bottomed out and is gathering strength, preparing to enter an upward trend. If Dogecoin has indeed found its bottom, it indicates that the current pullback may have ended, with the next price movement likely to be upward.
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Despite experts predicting Dogecoin's rise, it has formed a significant resistance level at the $0.17 mark. If Dogecoin decisively breaks through this resistance, it will confirm the beginning of its upward trend and potentially achieve higher price levels.
In another X post, trader Tardigrade mentioned that the previously predicted Wyckoff accumulation pattern is developing and has completed a perfect test in Stage C. Through this perfect test, the expert believes Dogecoin will find its final support point (LPS) in the short term, marking the area of the pullback's low point.
Subsequently, Dogecoin (DOGE) is expected to move towards key resistance levels in Stage D, demonstrating a strong signal (SOS). Ultimately, the upward momentum will face a pullback, and Dogecoin will enter a consolidation phase, accumulating upward energy for the next stage.
DOGE Shows Bullish Divergence Again
Given Dogecoin's continuous growth momentum in recent days, an imminent upward trend seems reasonable. Trader Tardigrade states that despite ongoing price volatility, the meme coin's Relative Strength Index (RSI) has recently shown a second bullish divergence.
The first bullish divergence presented a weak reversal, characterized by Dogecoin's lower lows and RSI's lower lows, as shown in the image. The second bullish divergence shows a strong reversal, with Dogecoin's lower lows but RSI's higher lows.
