Crypto analyst Butterfly has provided a bullish outlook for the Dogecoin price, predicting that it could soon record a massive rally. This comes as the crypto market looks to rebound from its most recent downtrend, with DOGE well below the psychological $0.2 level.
Analyst Declares The Dogecoin Price Is About To Burst
In an X post, Butterfly urged DOGE holders to stay alert as the Dogecoin price could “burst” from its current price level. This came as the analyst noted that the foremost meme coin is facing the lower boundary of the symmetrical triangle on the 3-day chart. Butterfly added that this zone remains a strong floor for price action and that bullish pressure is mounting fast.
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The analyst’s accompanying chart showed that the Dogecoin price could bounce off the $0.165 support level and rally to as high as $0.48. Notably, that price level marked a local high for DOGE last year when it rallied from a similar range as its current price level. Meanwhile, the meme coin is expected to hit this price level by year-end or the beginning of next year.
This Dogecoin price prediction comes as the crypto market rebounds from the recent crash, which caused Bitcoin to drop below $100,000, dragging DOGE and other altcoins down. With BTC back above $100,000, the foremost meme coin will look to reclaim the psychological $0.2 level, which could spark a larger rebound.
Crypto analyst Ali Martinez also indicated that the bottom was in for the Dogecoin price following the recent crypto market crash. In an X post, he revealed that the TD Sequential indicator has flashed a buy signal on DOGE, suggesting the local bottom might be in.
DOGE’s Bull Run Could Start Soon
Crypto analyst Chandler indicated that DOGE’s bull run could soon begin. He noted that the biggest bull runs were usually preceded by the TOTAL3/Total rallying to the upside. Then a sharp drop occurs and a clean V-shaped recovery, which is when the Dogecoin price usually peaks. The analyst then revealed that TOTAL3/TOTAL appears to be resuming an uptrend, suggesting the meme coin could soon rally.
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Crypto analyst Ether also assured that the bull structure remains intact for Dogecoin’s price despite the recent pullbacks. He noted that every Dogecoin cycle has looked chaotic up close and perfectly structured from a distance. He then asserted that the pattern remains intact. Notably, the analyst had previously predicted that the Dogecoin price would rally to the psychological $1 level, which would mark a new all-time high for the meme coin.
At the time of writing, the Dogecoin price is trading at around $0.16, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Image, chart from Tradingview.com
