The Dogecoin price has surged by almost 150% since the beginning of this month, marking a significant bull run for the popular meme coin. Crypto analyst Alan Santana has delved into the factors driving this rally and whether it is sustainable in the long term.
Analyzing DOGE’s monthly chart, Santana pointed out that this month is experiencing a bullish breakout, reminiscent of the strong green month seen during the 2021 bull run. He emphasized that this current growth is just the beginning of a bullish cycle, indicating more parabolic rallies ahead for Dogecoin.
Santana urged skeptics to zoom out on the monthly chart, highlighting the highest volume seen since 2021 and the breaking of long-term resistance and descending trends. He also noted that this month ended a three-year consolidation period for Dogecoin, potentially leading to a robust bull market trajectory.
The analyst cautioned that despite the upward momentum, there may be short-term swings, shakeouts, and corrections along the way. However, Santana viewed these corrections as opportunities to take profits at resistance levels and reinvest at support levels, emphasizing that Dogecoin’s potential for growth knows no bounds.
Echoing similar sentiments, crypto analyst Kevin Capital suggested that the most explosive leg of the Dogecoin price rally could still be ahead. Drawing comparisons to previous bull cycles, he indicated that the current price level and Relative Strength Index (RSI) position on the monthly timeframe signal further upside potential for DOGE.
Trader Tardigrade also weighed in, predicting that Dogecoin’s price could rally to $8.7 by August 2025 if it mirrors the 2017 bull run or reach $30 by March 2025 if it follows the trajectory of the 2021 bull run.
As of the latest update, the Dogecoin price is trading around $0.40, showing a slight decline of over 6% in the past 24 hours, according to data from CoinMarketCap. Despite this short-term dip, analysts remain optimistic about the long-term growth potential of Dogecoin.
In conclusion, the current Dogecoin price rally is driven by a combination of factors such as breaking long-term resistance, high volume, and the end of a consolidation period. Analysts believe that this bullish cycle is just the beginning, with the potential for further parabolic rallies and significant price appreciation in the future. Investors are advised to exercise caution during short-term fluctuations and view corrections as opportunities to optimize their positions in the market. With a positive outlook for Dogecoin’s price trajectory, the meme coin continues to attract attention and investment interest in the cryptocurrency space.
