Dogecoin (DOGE) Is Not Yet at Its Peak Popularity, the Meme Coin Has Much More Room to Soar in the Coming Days

If the DOGE price breaches the pattern and closes a candle above the $0.38 level, it could soar by 50% to reach the $0.58 level.

Dogecoin (DOGE) experienced a wild rally after the U.S. Presidential election results, gaining massive attention from traders and investors. However, recently the meme coin has shown signs of slowing down in its rally, which has sparked questions among some traders.

After gaining massive attention from traders and investors following the U.S. Presidential election results, Dogecoin (DOGE) experienced a strong rally. However, in the past few days, the meme coin appears to have lost some steam. This has led to questions about whether the DOGE bull run is coming to an end and if the DOGE price will fall, among other concerns.

A prominent crypto expert shared his thoughts on the X platform (Previously Twitter), regarding traders’ and investors’ sentiment around the DOGE meme coin. He stated that the current interest in DOGE is not yet at its peak compared to when it reached its all-time high.

However, with growing interest in DOGE, as seen earlier, the meme coin has more room to soar in the coming days.

In addition to investors’ interest in DOGE, other factors like bullish price action and the current market sentiment further support the upcoming rally in the meme coin.

Dogecoin Technical Analysis and Key Levels

CoinPedia’s technical analysis shows that DOGE has formed a bullish descending triangle and flag-and-pole price action pattern on the four-hour time frame. The price has reached a narrow zone within this pattern and is poised for a breakout.

Based on historical momentum, if DOGE breaches the pattern and closes a four-hour candle above the $0.38 level, there is a strong possibility that the meme coin could soar by a minimum of 15% and a maximum of 50%, reaching the $0.44 or $0.58 levels, respectively.

Currently, DOGE is trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating an uptrend. Meanwhile, its Relative Strength Index (RSI) suggests a potential upside rally in the coming days, as the price is nearing the oversold territory.

Current Price Momentum

With bullish market sentiment, DOGE is trading near $0.365 and has registered a price decline of 2% in the past 24 hours. During the same period, its trading volume dropped by 18%, indicating lower participation from traders and investors, who are potentially waiting for the breakout of the bullish pattern.

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