Dogecoin price, the popular meme-based cryptocurrency, has seen a remarkable 181% surge in value over the past month. This significant price spike has captured attention across various trading platforms, positioning DOGE among the top gainers. Analysts believe this price breakout could signal the beginning of a second phase in its ongoing bull run, further fueling market optimism.
Dogecoin Price Surge May Signal Start of Next Bull Run Phase
Dogecoin’s recent price movement is raising expectations of a potential bull run. The DOGE/BTC pair has consolidated for three weeks, forming a triangle pattern. Analysts believe it is entering the final stage, with the “e” wave likely to precede a breakout to the upside.
What’s particularly interesting is that the weekly chart for Dogecoin price against Bitcoin (BTC) suggests that the asset is just beginning its next major move. This long-term trend might indicate a significant rally shortly.
Historically, the meme coin has shown explosive growth toward the end of bull markets. Many expect the cryptocurrency to experience a 4x increase in the final month of the current bull cycle. True to tradition, Dogecoin often outperforms other assets in its final surge, delivering some of the most parabolic returns.
dogebtc coiling for 3 weeks now in the final stages of a triangle, should be in the last “e” wave here before the breakout higher.
the funniest thing about this is the dogebtc weekly chart still looks like only just getting started.
fwiw doge will probs like 4x in the final… pic.twitter.com/hg9y3tNg9F
— Bluntz (@Bluntz_Capital) December 2, 2024
Will DOGE Price hit $1 soon?
The DOGE price has experienced a notable rally over the past 24 hours, climbing 4% to reach $0.4227. Starting the day at $0.402, the meme coin surged to a peak of $0.4226, reflecting impressive growth. Over the last month, Dogecoin has posted a remarkable 167% gain, indicating a strong bullish trend.
This upward momentum has raised expectations that DOGE could soon break through the critical $0.5 resistance level. If this happens, the coin may have the momentum to reach $0.7 by year-end. With sustained investor interest and buying pressure, there is potential for Dogecoin price prediction to exceed the $1 mark, marking a significant milestone for the cryptocurrency.
Technical indicators also support this bullish outlook. The Moving Average Convergence Divergence (MACD) shows a minor positive shift, with the MACD line slightly above the signal line. Additionally, the Chaikin Money Flow (CMF) sits at 0.8, suggesting continued capital inflows into DOGE. This indicates that buying interest remains strong, supporting further price gains in the short term.
The Dogecoin’s recent surge and strong technical indicators suggest continued bullish momentum. With investor interest growing and key resistance levels within reach, DOGE could be poised for significant gains, potentially hitting $1 as the bull run progresses.
The post Dogecoin Price Breakout Could Start Second Phase of Bull Run appeared first on CoinGape.
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