- Behdark, an analyst, predicts that Dogecoin is beginning a sustained bullish rally, driven by technical indicators and robust support levels.
- Historical data of Dogecoin indicates a bullish D wave pattern, potentially resulting in a 100% price surge.
- The $0.10 price mark has consistently served as a significant support level for Dogecoin over time.
- Additionally, the rising count of new Dogecoin wallets indicates a rising level of investor interest in the cryptocurrency.
Analysts, investors, and traders have been closely monitoring Dogecoin for months, anticipating an impending bullish trend.
Despite its origins as a memecoin and a "joke," Dogecoin has transcended this narrative and now ranks prominently among the top 10 cryptocurrencies.
Here's why we believe Dogecoin could be on the verge of a significant breakthrough, as suggested by insights from a prominent analyst.
Technical Background of Dogecoin
According to a recent TradingView post by the pseudonymous analyst "Behdark," Dogecoin appears to be gearing up for a major move.
Behdark's chart analysis indicates that Dogecoin is currently forming what he describes as a "bullish diametric pattern."
In such patterns, the asset's price undergoes cycles of compressions and expansions, signaling an accumulation of bullish momentum.
The analyst emphasizes the critical support level around $0.10, noting that Dogecoin consistently finds strong support at this price, prompting bullish rebounds.
Dogecoin's Bullish Roadmap
Behdark compares the current bull market cycle of Dogecoin to previous ones, anticipating a prolonged growth phase lasting over 500 days.
Analyzing wave patterns, Behdark suggests that Dogecoin is currently in a D wave, following a successful C wave that saw prices surpass $0.20 in March.
Historically, these D waves have driven significant price increases of at least 100% for Dogecoin.
Behdark sets an initial price target of $0.28 for Dogecoin, forecasting a retracement to $0.16 to complete the E and F waves, followed by a surge to $0.38 with the onset of the G wave.
Rising Dogecoin Wallet Activity
Additionally, recent data from IntoTheBlock indicates a sharp increase in new Dogecoin wallets this week, with a more than 100% rise in wallet creations from Monday to Tuesday.
Disclaimer: While Voice of Crypto aims to provide accurate and timely information, readers are advised to conduct their own research and exercise caution due to the high volatility of cryptocurrencies.
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