Dogecoin’s Wild Ride: Is the Bottom Finally Here? 🚀🐶

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In a universe where cryptocurrencies are as predictable as a cat on a Roomba, Dogecoin has once again decided to keep everyone on their toes. After a brief moment of hope fueled by the general crypto market’s bullish sentiment, DOGE is now facing the bearish equivalent of a Monday morning. But fear not, dear reader, for the dog-themed meme coin might just be gearing up for a comeback that even Elon Musk would retweet.

Is Dogecoin Finally Ready to Moon? 🌕

Since DOGE decided to take a nosedive below the $0.20 mark, it’s been stuck in a bearish rut that would make even the most optimistic Shiba Inu whimper. However, recent analysis suggests that the meme coin might have finally hit rock bottom, which, in the world of crypto, is just another way of saying, “Hold on to your hats, folks!”

Enter Trader Tardigrade, a technical expert whose name sounds like a creature from a Douglas Adams novel. This intrepid investor has spotted a critical move in the DOGE 1-day chart, which, for the uninitiated, is like finding a needle in a haystack if the haystack was made of volatile digital assets. This move comes after multiple failed attempts since the beginning of the year, proving that even in the crypto world, persistence pays off.

According to Trader Tardigrade, Dogecoin has finally recovered from its prior breakdown, marking the first time it’s done so. The daily chart shows that the meme coin has made this move after failing to reclaim previous breakdowns three times, which is either a sign of resilience or just plain stubbornness. Either way, it’s a win for DOGE enthusiasts.

Considering the price action, Trader Tardigrade believes that DOGE may have already reached its bottom and is now gathering strength for an upside trend. If this is true, it means the current correction might be over, and the next price trajectory could be upward. In other words, it’s time to buckle up and enjoy the ride.

While the expert anticipates an upward move, DOGE has formed notable resistance at the $0.17 mark. A decisive bullish break over this resistance zone would confirm the start of an upside trend for the meme coin and possibly aim for higher price levels. So, keep your eyes peeled and your wallets ready.

In another X post, Trader Tardigrade mentioned that the Wyckoff Accumulation formation, which he previously predicted, is developing with a completed perfect test in phase C. With a perfect test, the expert is confident that Dogecoin will find the Last Point of Support (LPS), an area that signifies the low point of a pullback, in the short term. After that, DOGE is expected to move higher toward key resistance areas in phase D, reflecting the Sign of Strength (SOS). Lastly, the upward move will encounter a pullback, and the meme coin will enter a consolidation phase, allowing it to gather bullish momentum into the next phase. Got all that? Good, because there’s a quiz later.

DOGE Makes a Second Bullish Divergence 🐕📈

It’s reasonable to assume that an upward move is on the horizon as Dogecoin has been displaying growing momentum in the past few days. Trader Tardigrade stated that the meme coin recently made a second Relative Strength Index (RSI) bullish divergence despite continued price fluctuations. The first bullish divergence was a weak reversal, characterized by a lower low in DOGE and an equal low in RSI, as seen in the chart. Meanwhile, the second was a powerful reversal featuring a lower low in DOGE and a higher low in its RSI. In layman’s terms, it’s like DOGE is doing a backflip on a trampoline—impressive, but also slightly terrifying.

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2025-04-12 06:44