Dogecoin Enters A Long-Term Bullish Rally, Here’s The Roadmap And Target

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.

Source: TradingView.com

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.

DOGE bulls losing ground to bears | Source: DOGEUSDT on Tradingview.com

Featured
image
from
Yahoo
Finance,
chart
from
Tradingview.com