The Dogecoin price breakout could usher in the second phase of the bull run

Dogecoin price, the popular meme-based cryptocurrency, saw a remarkable 181% increase in value over the last month. This significant price increase has attracted attention across various trading platforms and made DOGE one of the top gainers. Analysts believe this price breakout could signal the start of a second phase of its ongoing uptrend, which could further fuel market optimism.

The rise in Dogecoin price could signal the start of the next bull run phase

Dogecoin’s recent price movement raises expectations of a possible bull run. The DOGE/BTC pair has been consolidating for three weeks and forming a triangle pattern. Analysts believe it is entering its final phase and the “e” wave is likely to precede an upside breakout.

What’s particularly interesting is that the weekly chart of Dogecoin price against Bitcoin (BTC) suggests that the asset is just beginning its next big move. This long-term trend could point to a significant recovery soon.

Historically speaking, that is Meme coin has shown explosive growth towards the end of bull markets. Many expect the cryptocurrency to experience a four-fold increase in the final month of the current bull cycle. True to tradition, Dogecoin often outperforms other assets in its recent surge, delivering some of the most parabolic returns.

dogebtc has been moving in the final phase of a triangle for 3 weeks now and should be in the last “e” wave here before the breakout to the upside.

The funniest thing is that dogebtc’s weekly chart still looks like it’s just getting started.

fwiw Doge will test about 4 times in the final… pic.twitter.com/hg9y3tNg9F

– Bluntz (@Bluntz_Capital) December 2, 2024

Will DOGE price reach $1 soon?

The DOGE price has seen a remarkable rally in the last 24 hours, rising 4% to $0.4227. The meme coin started the day at $0.402 and rose to a high of $0.4226, reflecting impressive growth. Over the last month, Dogecoin recorded a remarkable 167% increase, indicating a strong bullish trend.

This bullish momentum has raised expectations that DOGE could soon break through the critical resistance level of $0.5. If this happens, the coin could have the momentum to reach $0.7 by the end of the year. There is potential for continued investor interest and buying pressure Dogecoin price prediction crossing the $1 mark, marking a significant milestone for the cryptocurrency.

Technical indicators also support this optimistic outlook. The Moving Average Convergence Divergence (MACD) shows a minor positive shift with the MACD line slightly above the signal line. Furthermore, the Chaikin Money Flow (CMF) is at 0.8, indicating continued capital inflows into DOGE. This suggests that buying interest remains strong and will support further price increases in the short term.

Dogecoin’s recent rise and strong technical indicators suggest continued bullish momentum. With investor interest increasing and key resistance levels within reach, DOGE could see significant gains and potentially reach $1 as the bull market continues.

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