Recently, Dogecoin has formed a second low, indicating a potential massive 4,000% surge to new all-time highs surpassing $4.
Positive Signs From Dogecoin’s Second Low
Tardigrade, a renowned crypto analyst, disclosed that Dogecoin has officially established a second low after hitting a crucial support level. By analyzing Dogecoin’s price movements dating back to 2014, it was noted that the meme coin has historically experienced significant price rallies after forming a first and second low post touching a key support level.
In periods between 2014-2017 and 2018-2021, Dogecoin demonstrated similar patterns of hitting critical support levels, forming second lows, and witnessing substantial price surges during those years.
Following this trend, there is speculation whether Dogecoin will repeat this cycle or chart a new course this time around. The recent formation of a second low after touching a key support in 2023 suggests that Dogecoin might be gearing up for a substantial price increase, possibly a staggering 4,000% surge above $4 during the current bullish cycle.
When questioned about the potential timing of this bullish breakout post the United States Presidential elections, Trader Tardigrade hinted that it could happen around that period. The analyst’s optimism about Dogecoin’s outlook has remained high, hinting at a bullish upturn in the market.
Bullish Divergence Indicates Upward Movement
Another crypto analyst, Ali Martinez, observed a bullish divergence in Dogecoin’s price chart against the Relative Strength Index (RSI) on the 4-hour timeframe. This divergence is seen as a positive indicator suggesting a potential market reversal due to strengthened buying power despite decreasing selling pressure.
Martinez also highlighted that Dogecoin’s TD indicator has flashed a buy signal, indicating favorable conditions for a potential upward price movement. As per CoinMarketCap, Dogecoin’s current price stands at $0.096, having experienced a slight 2.53% decrease in the past 24 hours.
