Story Highlights

  • The popularity of Dogecoin (DOGE) has not yet peaked, but in the coming days, this meme coin has significant room for upward movement.

  • If the DOGE price breaks out of this pattern and closes above $0.38, it could surge 50% to reach a level of $0.58.

  • Despite the positive outlook, DOGE seems to be struggling to gain momentum.

Following the announcement of the U.S. presidential election results, Dogecoin (DOGE) experienced a wild surge, gaining significant attention from traders and investors. However, in recent days, this meme coin seems to be showing weakness. The softening of DOGE's upward momentum has raised questions about whether the DOGE bull market has ended and whether the DOGE price will decline.

Experts are optimistic about Dogecoin (DOGE)

In observing the sentiment of traders and investors towards the DOGE meme coin, a renowned cryptocurrency expert posted on X (formerly Twitter), hinting to every cryptocurrency enthusiast that the current interest in DOGE has not yet peaked, much like when it reached its all-time high.

However, as mentioned earlier, with a steady increase in interest in DOGE, this meme coin has greater upward potential in the coming days.

In addition to investor interest in DOGE, other factors such as bullish price trends and current market sentiment further support the upcoming rise of this meme coin.

Dogecoin technical analysis and key levels

According to CoinPedia's technical analysis, DOGE has formed a bullish descending triangle and flagpole price action pattern within the four-hour timeframe. However, the price has entered a narrow range within this pattern and is poised for a breakout.

Source: Trading View

Based on historical momentum, if DOGE breaks out of this pattern and closes above $0.38 on a four-hour candle, this meme coin could potentially surge by at least 15% and up to 50%, reaching levels of $0.44 or $0.58, respectively.

As of now, DOGE is trading above the 200 Exponential Moving Average (EMA) on the daily chart, indicating an upward trend. At the same time, its Relative Strength Index (RSI) suggests a possible upward rebound in the coming days, as the price is nearing the oversold region.

Current price momentum

Driven by bullish market sentiment, DOGE's trading price is close to $0.365, with a 2% drop in price over the past 24 hours. During the same period, its trading volume decreased by 18%, indicating lower participation from traders and investors who might be waiting for a breakout of the bullish pattern.