Cryptocurrency analyst Chris Bax gave a bullish narrative for Dogecoin (DOGE), predicting that the first memecoin could enjoy a massive price rise soon enough. This comes amid a recent rise in the on-chain meter, Which turned into a bullish trend for Dogecoin.
Dogecoin could enjoy a massive bounce from its current price levels
Pax suggested in a video On his YouTube channel, Dogecoin could be enjoying a bounce from its current price level and it could now be excellent Opportunity to buy The first meme coin before the imminent price recovery. The analyst claimed that this latest market decline could be the last flush before the cryptocurrency market recovers.
He hinted at Spot Ethereum ETFs, which are expected to begin trading soon enough, as something that would spark a bounce for DOGE and the broader cryptocurrency market. It also highlighted Relative Strength Index (RSI) What he suggested is a bullish signal flash for the meme coin.
Besides these factors, Pax also highlighted that altcoin dominance is on the rise following the recent decline in Bitcoin dominance. This represents a bullish narrative for Dogecoin as a decline in Bitcoin dominance may soon lead to an emergence Altcoin season For Dogecoin and other altcoins.
Pax suggested that the altcoin’s bullish rally could happen sooner than expected as a bullish crossover is on Moving Average Convergence/Divergence (MACD)Which formed on the ETH/BTC pair during the 2020 altcoin season, is about to form again. The analyst reiterated that now is the perfect opportunity to buy DOGE, noting the meme’s market cap versus realized value (MVRV), indicating that it is currently undervalued.
Pax’s Dogecoin analysis comes amid a recent surge in meme coin trading volume. Data The Coinglass website shows that Dogecoin trading volume has increased significantly over the past 24 hours. This is a positive development given that cryptocurrency investors and traders are still heavily invested in the meme coin and may be looking to accumulate more during this decline.
DOGE stock is still in a macro trend
Dogecoin price fell to $0.11 after… Recent decline in the market. However, cryptanalyst Kevin (formerly OG Yumi) Recently I noticed that DOGE is still in an overall bullish structure as long as it continues to achieve a weekly close above 0.10291.
For now, claim it Dogecoinalong with several other altcoins, are experiencing “a sort of Wyckoff SOS phase,” as they retest the top of the bear market range they broke out of at the beginning of the year. The bull ran. Dogecoin staying above this level could trigger another wave of the first meme coins, with Kevin Forecasting It could rise to $3 this market cycle.
At the time of writing, Dogecoin is trading at around $0.12, up more than 4% over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com