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Crypto analyst Trader Tardigrade has revealed that the Dogecoin price has marked a local bottom. He further provided insights into what could come next for the foremost meme coin, with a 100% price rally from its current level on the cards.
Dogecoin Price Forms Local Bottom
In an X post, Trader Tardigrade mentioned that the Dogecoin price has formed a local bottom signal. He explained that whenever the DOGE Moving Average Convergence Divergence (MACD) bearish cross forms, Dogecoin tends to trade sideways for a week before starting another bull run.
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With the bearish cross happening now, the DOGE price is gearing up for another leg up, which, based on Trader Tardigrade’s analysis, could happen a week from now. The analyst’s accompanying chart showed that Dogecoin could witness up to a 100% rally as it rises to $0.28 from its current price.
The chart also showed how the Dogecoin price has formed local bottoms and then enjoyed another leg up since its bull run began in September. The DOGE price is up over 53% since September, outperforming the top 100 cryptos by market cap during this period. Crypto analyst Master Kenobi, who had rightly predicted the start of the Dogecoin bull run, also recently suggested that the meme coin was ready for the next part of its bull run.
In an X post, he stated that it was nice to see the Dogecoin price back above $0.16, seeing as the meme coin has successfully retested previous resistance levels and confirmed them as support.
Master Kenobi further mentioned that the next levels to watch out for after the Dogecoin price reaches $0.23 are $0.33 and $0.73, its current all-time high (ATH). Once the meme coin reaches $0.73, the analyst remarked that the DOGE price will “moon,” indicating a parabolic rally.
Daily And Weekly Golden Cross Pending For DOGE
Self-acclaimed DOGE lead analyst on X Kevin Capital revealed that a daily and weekly golden cross is pending for the Dogecoin price. The analyst noted that this was happening right before a potential Donald Trump victory and Elon Musk’s implementation of the Department of Government Efficiency (D.O.G.E).
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A Trump victory could be the catalyst for a Dogecoin price breakout above $0.20, considering that it will pave the way for Musk’s D.O.G.E proposal which continues to impact the meme coin positively.
Crypto analyst Ali Martinez also recently analyzed Dogecoin price action and said that the meme coin was the perfect trade right before the US elections. Indeed, the meme coin might be the perfect trade as it has decoupled from other crypto assets and is the top gainer among the top 100 cryptos by market cap ahead of today’s elections.
At the time of writing, the Dogecoin price is trading at around $0.165, up over 10% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
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