The Dogecoin worth is up nearly 150% for the reason that begin of this month, because the foremost meme coin continues to get pleasure from an enormous bull run. Crypto analyst Alan Santana has supplied insights into what’s driving this rally and whether or not it’s sustainable.
What Is Driving The Dogecoin Price Rally
In a TradingView post, Alan Santana alluded to DOGE’s month-to-month chart to point out what is really driving the Dogecoin worth rally. He famous that this month is a bullish breakout month and the primary sturdy inexperienced month for the reason that 2021 bull run. The analysts particularly cited January 2021, when an analogous motion occurred, with a “very strong bullish phase” following.
In line with this, Santana said that simply because the Dogecoin worth is seeing this sturdy development doesn’t imply that is the tip. Instead, the analyst said that this very sturdy development indicators the start of the bullish cycle, so traders can count on extra parabolic rallies for Dogecoin forward.
Santana requested these doubtful to zoom out on the month-to-month chart. He revealed that this month-to-month session has the best quantity since 2021. Furthermore, the analyst talked about that this month broke a long-term resistance and descending pattern. Lastly, he mentioned that this month ended a three-year consolidation period for the Dogecoin worth.
The analyst famous that this three-year consolidation can result in a really strong bull market, which is precisely what’s taking part in out. As such, Santana reaffirmed that regardless of how excessive the Dogecoin worth goes this month, it is just the beginning. In the quick time period, the analyst warned that there could be swings and shakeouts, and even a powerful correction can develop alongside the best way.
However, Santana claimed that such corrections are good as they are going to be used as a chance to take income when at resistance and rebuy and reload when at help. He added that the Dogecoin worth has way more to provide and that there is no such thing as a restrict as to how excessive costs can go.
Most Explosive Leg Still Ahead
In an X put up, crypto analyst Kevin Capital echoed a sentiment just like Alan Santana, suggesting that probably the most explosive leg may nonetheless be forward for the Dogecoin worth. This got here as he highlighted the stage Dogecon’s worth and Relative Strength Index (RSI) at present are on the month-to-month timeframe in relation to earlier bull cycles.
He claimed that if this Dogecoin worth degree and RSI maintain, there’s a lengthy approach to go on this DOGE bull run, and probably the most explosive leg remains to be forward. Crypto analyst Trader Tardigrade not too long ago predicted that the Dogecoin worth may rally to $8.7 by August 2025 if it mirrors the 2017 bull run or rally to $30 by March 2025 if it follows the 2021 bull run.
At the time of writing, the Dogecoin worth is buying and selling at round $0.40, down over 6% within the final 24 hours, in keeping with data from CoinMarketCap.
Featured picture created with Dall.E, chart from Tradingview.com
