The recent pullback in Dogecoin’s price might be coming to an end soon as upside strength gains traction, triggering a potential rebound to key resistance levels. With the general crypto market witnessing a resurgence, the growing momentum might bolster DOGE’s trajectory in the short term.
Will Dogecoin Retest The $0.48 Mark Shortly?
Looking at Dogecoin’s price action, the dog-themed meme coin appears to be shifting toward positive territory. Market expert and Crypto Portfolio manager Natalie Dormer predicts that Dogecoin is gearing up for a big move as it sets its sights on retesting the crucial $0.48 level, a prior high that marked a peak in previous market euphoria.
This move suggests that DOGE is exhibiting resilience in spite of recent market swings, due to rising trading volumes and renewed investors’ confidence. Reclaiming the $0.48 mark will be a pivotal moment for the meme coin, which raises the possibility of a continued rally to its previous all-time high of $0.73.
In the X post, Natalie Dormer highlighted that DOGE is trading in a bullish triangle formation, a pattern that often oversees a strong rally after an upward breakout. Examining the chart, the asset previously broke out on the upside and then moved back into the pattern, which Dormer considers a fakeout.
However, the candle bodies have been respecting the upper line of the pattern as resistance since breaking back below. “Therefore, we are watching for candles to start closing above this pattern again,” Dormer added.
As the upper line holds strong, breaking through this key resistance zone might open the door for more upward movement and rekindle the meme coin surge. Should DOGE break the triangle formation to the upside again, the expert anticipates a swift run to retest the previous highs at $0.48 and beyond.
Dormer foresees developments around the potential Department of Government Efficiency (D.O.G.E) policies to catalyze market momentum, paving the way for DOGE’s rally. Discussion about the department has increased within the community after Donald Trump’s inauguration as the new US President on Monday.
Prior to the event, there were speculations that the event might be a sell-the-news event. However, the general crypto market has responded positively to the event as several major assets move closer to their all-time high.
DOGE’s Price Showcases Bullish Path
After several days of sluggish performances, Dogecoin has finally rebounded strongly, rising from $0.34 to about $0.398 on Tuesday. Considering the recent upswing, crypto enthusiasts believe it might be the start of a much larger rally.
Presently, the meme coin is demonstrating a nearly 6% rise in the past day, trading at $0.36. DOGE‘s renewed upward movement seems to have reignited investors’ interest as its daily trading volumes increased by over 18%.
