Popular digital asset and the largest dog-themed meme coin, Dogecoin, has notably shifted toward positive territory following the resurgence of the general crypto market over the past few days. With current bullish price action upholding, DOGE continues to make key moves that hint at a possible extension of the ongoing upward trend.
Bullish Signal For A Dogecoin’s Continued Rally
Dogecoin’s recent price action is showing signs of life as the meme coin continues to push higher toward key resistance levels. In addition, DOGE has flashed a bullish crossover that is likely to bolster its renewed upward momentum in the upcoming days.
In an X (formerly Twitter) post, Trader Tardigrade, a market expert and investor, outlined a crucial move in DOGE’s 2-week time frame chart. After delving into the present price performance, Trader Tardigrade highlighted that the meme coin has made a bullish cross on the Stochastic Relative Strength Index (RSI).
Typically, this bullish cross is seen as an early sign of growing upside strength during a positive market condition. Given the resurgence of the market, this key move suggests that DOGE’s price may be preparing for a stronger upward rise.
Following a prolonged period of consolidation, the meme coin’s most recent signal could herald the start of a new leg higher in its ongoing recovery phase as sentiment continues to grow more optimistic.
While DOGE has achieved a bullish cross on the Stochastic RSI, Trader Tardigrade underlined another critical development on the 2-week chart. Looking at the chart, the asset has witnessed a breakout from a Falling Wedge formation.
A falling wedge formation is a technical pattern characterized by two converging trendlines sloping downwards. Interestingly, this pattern typically hints at a potential trend reversal to the upside after an extended period of downside trend within the wedge.
Since the development is pointing to an upward trend, it will further fuel the renewed momentum, allowing it to revisit higher price levels. As Dogecoin hovers around key resistance zones following the breakout, the meme coin might be looking at its next major rally, reigniting the bull market phase.
DOGE’s Price Eyes A Massive Pump
Technical expert and trader Master Kenobi has also delved into DOGE’s performance, predicting that a huge surge is on the horizon. His prediction is based on Dogecoin’s price action, which aligns with past trends observed in 2017. According to the expert, a comparison of the current configuration with the circumstances in 2017 and the macro chart shows that DOGE has all the components needed for a big pump.
While investors look forward to the meme coin’s next trajectory, the 3-day chart’s 21-day Exponential Moving Average (EMA) clearly shows the current state of the market. Meanwhile, other factors such as bullish divergence and RSI trendline breaching are supporting this outlook.
Featured image from Getty Images, chart from Tradingview.com
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