Why You Should Expect A Strong Bullish Move From The Dogecoin Price After Its 46% Crash

The Dogecoin price may very well be gearing up for a strong bullish move, as a crypto analyst has identified a recurring pattern within the meme coin’s movements. This optimistic outlook on Dogecoin’s future trajectory comes after the meme coin experienced a severe price crash of over 46%, pushing it to latest lows.

Dogecoin Price Gets Ready For Major Bullish Move

During its price pullback in December, Dogecoin experienced an enormous 46% crash, plummeting from its yearly high as its momentum underwent a big cooling. Despite this correction, the meme coin is showing signs of recovery, experiencing renewed strength after recording substantial gains this January.

Crypto analyst Maelius shared on X (formerly Twitter) that the recent Dogecoin crash could have driven its price to its lowest point, potentially setting the stage for its next bullish move. In accordance with his evaluation report, which notes Dogecoin’s price motion during previous cycles, the consistency within the magnitude of previous waves reinforces the likelihood that the meme coin has already hit its bottom.

Source: X

the analyst’s Dogecoin chart, the meme coin’s price history reveals a recurrent pattern of cyclical waves characterised by massive rallies followed by sharp corrections. Each upward move, marked by a wave number on the chart, has strengthened during individual cycles.

As an example, in April 2021, Dogecoin recorded a 53% decline, followed by an enormous 1,175% rise to latest all-time highs. The same but more significant price crash occurred during the bear market from July 2022 to 2023. On the time, the Dogecoin price experienced multiple price drops and a chronic consolidation period. Towards the top of 2023, the meme coin saw a modest recovery, with its price increasing by 308%.

One other notable aspect in Maelius’s evaluation is the highlighted buy zone on the Dogecoin price chart. This critical area has historically served as a robust supply level for Dogecoin, representing a price range where demand surges and accumulation occurs.

In accordance with Maelius, Dogecoin has bounced off this buy zone, a development viewed as a positive move for the meme coin’s next upward movement. With the idea that Dogecoin has reached its bottom and its recent bounce off the buy zone, the analyst foresees a bullish surge that would push the meme coin to a latest all-time high of $2.3.

Maelius also identified that every upward move within the previous cycles was more powerful than the last, implying that Dogecoin’s next price rally may very well be even stronger than those observed in the sooner cycles.

Dogecoin Price Chart Forms Bullish Pennant

A latest Dogecoin price evaluation by Trader Tardigrade shows that the meme coin is currently forming a latest Bullish Pennant on its 4-hour chart. A Bullish Pennant is a technical chart pattern resembling a small symmetrical triangle, indicating a possible upward trend continuation.

Within the case of Dogecoin, the formation of a Bullish Pennant suggests that after experiencing a previous rally, Dogecoin is consolidating and may very well be preparing for one more price surge because it breaks out of this pattern. CoinMarketCap’s data reveals that Dogecoin is slowly picking up momentum, soaring by 19.3% over the past week to achieve a price of $0.38.