Dogecoin (DOGE) Primed for a Strong Bull Run, Here's Why

Crypto analyst Astronomer believes DOGE is still prime for a strong bull run on the technical side of things.

Astronomer points out that Dogecoin (CRYPTO: DOGE) is still primed for a strong bull run on the technical side of things.

According to a crypto analyst known as Astronomer, DOGE’s current price structure shows a relative strength that sets it apart from other cryptocurrencies’ price action since Q4 2023. This suggests that the coin has the potential to recover and even thrive in the near future.

Astronomer’s technical analysis is based on DOGE’s price action since the fourth quarter of 2023. The crypto market kicked off its recent market cycle in Q4 2023 after the applications of Spot Bitcoin ETFs by BlackRock and others.

This event marked the end of a multi-year bearish cycle, leading to bullish sentiment across the entire crypto market. As a result, many cryptocurrencies experienced substantial price increases, which pushed them to reach new multi-year highs.

While many market participants might argue the market is still largely in a bull cycle, many cryptocurrencies have corrected even below Q4 2023 prices. However, Astronomer notes that DOGE stands out in this regard, as it has managed to maintain a price level above its Q3 2024 value.

At the time of writing, DOGE is trading at $0.1057. While the meme coin is still up by 29% from its price in the beginning of the year, it has corrected 52% from its yearly high of $0.22.

Additionally, DOGE has corrected by 12% from its Q3 2024 opening price of $0.121; a pivotal price point. According to Astronomer, all the cryptocurrency needs now is to break above a new local high to solidify the return of a bullish price run.

The DOGE/USDT price chart shared by the analyst predicts that DOGE will double its current value and climb back above the $0.22 price point later this year. The analyst’s projections are even more bullish, suggesting that DOGE could surpass $0.26, which would represent a remarkable 145% increase from its current trading price.

However, the recent DOGE price action suggests various resistances before $0.22. Nonetheless, the analyst remains confident that once DOGE successfully breaks through this local high, it could trigger a renewed and sustained upward movement, further fueling the bullish sentiment surrounding the coin.

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