Dogecoin (DOGE) Poised for Bull Run, May Double in Value by Year-End, Says Analyst Astronomer

Despite a prolonged sideways movement and recent correction, DOGE remains favored among traders, maintaining its allure as the premier meme coin

Dogecoin has experienced a notable decline from its peak earlier this year. This prolonged sideways movement and recent correction reflect broader trends in the crypto market. Despite this, DOGE remains a favorite among traders, maintaining its allure as the premier meme coin and fostering positive sentiment in the trading community.

Crypto analyst Astronomer argues that DOGE stands poised for a significant bull run based on technical indicators. Astronomer points out that DOGE’s current price structure shows relative strength compared to other cryptocurrencies since the fourth quarter of 2023, indicating potential for recovery and growth in the near future.

Astronomer’s technical analysis, shared on the social media platform X, is grounded in DOGE’s price trends since Q4 2023, coinciding with the launch of Spot Bitcoin ETFs by BlackRock and others. This period marked the conclusion of a lengthy bearish trend, spurring optimistic sentiments and significant price surges across the crypto market, pushing many coins to multi-year highs.

While some market observers believe the market remains largely bullish, many cryptocurrencies have corrected to levels below their Q4 2023 prices. Yet, Astronomer highlights that DOGE has managed to maintain its value above its Q3 2024 levels. At present, DOGE is trading at $0.1057. Despite being up 29% from the start of the year, it has corrected 52% from its yearly high of $0.22 and 12% from its Q3 2024 opening price of $0.121. Astronomer suggests that a break above a new local high could affirm the return of a bullish trend.

Regarding future price targets, the Dogecoin/Tether US price chart shared by Astronomer predicts that DOGE could double its current value, potentially climbing above $0.22 by year-end. The analyst’s bullish outlook extends further, suggesting DOGE might exceed $0.26, a 145% increase from its current price. However, recent price action indicates multiple resistances before reaching $0.22. Nonetheless, the analyst remains optimistic that overcoming this local high could ignite sustained upward momentum, enhancing the bullish sentiment for DOGE.

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