Dogecoin Returns To Key Local Peak: Is Another Uptrend Coming?
Dogecoin’s price action in the past 24 hours Characterized by struggle Hold price levels above $0.20. It is worth noting that the fight is over $0.20, after a below-level break on the last day of February, marking the first trade since November 2024 below $0.20.
From the technical outlook, the recent price crash coincides with the pattern before the Doge rally, with Meme Coin basically revisiting the previous local peaks.
Dogecoin price revisits local peaks before another breakthrough
Dogecoin’s price crashes to $0.20 Can start expanding Bearish moves from here, but technical analysis suggests. Crypto analyst Trader Tardigrade offers a bullish view that Dogecoin’s current price action is in line with a well-recognized model that has historically held major rally on a higher timeline.
Related Readings
As It is pointed out by analysts Dogecoin’s price has returned to the $0.22 level, which is just a retest of the re-spinning after the first three months of 2024. Interestingly, Meme Coin’s latest move is $0.475 in height in December 2024.
Interestingly, this is not the first time Dogecoin is revisiting Its previous local peaks this cycle, Trader Tardigrade’s analysis highlights Dogecoin’s tendency to revisit previous peaks before entering a continuous gathering. According to his analysis of weekly candlestick timeline chart, Dogecoin has revisited its local peak since July 2023.
The most famous revisit of the local peak was in the third quarter of 2024, when Dogecoin reviewed around $0.095 after its peak in April 2024 at $0.22. Interestingly, this review of the third quarter of 2024, which went back to December 2024, is also a reexamination of the peak prices in December 2023. Between July and September 2024, it continued to hover around $0.095 before soaring to $0.48 in the fourth quarter of 2024. So if history repeats itself, the current merger phase is around $0.22 and then another leg up and down.
image From X: Trader tardigrade
Next is the main upward trend?
Currently, the price returns to the $0.22 price zone suggests that Dogecoin may trade within this range in the next few months before another breakout. So, until May 2025, Dogecoin prices may continue to be between $0.20 and $0.22. but, Probably not that long To get Dogecoin to start the next rally.
Nevertheless, Trader Tardigrade’s prediction puts the next rally above $0.8. Such a move would make Dogecoin trade on the new price territory higher than its current $0.7316.
Related Readings
exist Separate analysisThe same crypto analyst pointed out that the 4– relative The Power Index (RSI) breaks from the downward trend line, indicating that the bullish momentum is building. Although this is a promising development, he noted that Dogecoin still has to get rid of the falling trend line in order to fully take shape.
At the time of writing, Dogecoin trades for $0.2062.
Featured images on the street, charts for TradingView
