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Dogecoin has now presumably entered a long-term bullish rally that could send its price higher from here, according to one crypto analyst. This comes after the price had crashed below $0.13, before a swift recovery brought it back above $0.16. So what is driving this current bull rally?
Dogecoin Ready For Long-Term Bullish Rally
Crypto analyst Behdark, on the TradingView website, shared an interesting analysis that has caught the eye of Dogecoin community members. The crypto analyst identified that the meme coin has now entered a bullish rally, with reasons to back up why this is so.
Behdark explained that the Dogecoin price has formed strong support just above $0.1, and this has helped to bounce the coin back up in the event of a crash. The demand at this level is what ensures that whenever the price crashes down, it is always rejected to the upside, as seen with the most recent market crash.
The meme coin has also been in a long period of correction, and this is one of the reasons why the analyst believes it is entering into a bullish rally. Behdark pointed toward the previous correction of 900 days and that this current current will hold above 500 days in a similar fashion.
However, the long-term bullish rally did not just begin, Behdark explains. Apparently, the rally had begun back in October 2023 when the price had successfully broken above $0.06. Naturally, this bull rally has seen periods of uptrend and downtrend, helping the analyst identify the next wave that the price just entered.
Invalidation Thesis For The Analysis
Like with any analysis, Behdark’s analysis also comes with a level at which the predicted bullish rally will be invalidated. In this case, the crypto analyst outlines that the Dogecoin price must maintain above $0.08, as “closing a daily candle above the invalidation level with violate the analysis.”
Nevertheless, Behdark believes that the DOGE price is now in a D wave after the completion of the C wave following its rise above $0.2. This D wave has been historically bullish for the price, triggering at least a 100% price increase.
As for the price targets, Behdark puts the first target at $0.28. After this, a retracement is expected back to the $0.16 level, which would mark the completion of the E and F waves. Then once the G wave begins, the analyst sees the price rising over 100% to $0.38.
Presently, the Dogecoin price is still trading above $0.16, with an 18.6% increase in the last week. It remains the 8th-largest cryptocurrency in the space, with a market cap of $24.18 billion at the time of writing.
Featured image from Yahoo Finance, chart from Tradingview.com
