Analyst Reveals Insight Into Dogecoin Price Rally
Dogecoin’s price has surged almost 150% since the beginning of this month, riding a wave of excitement among investors. Crypto expert Alan Santana shed some light on what’s fueling this surge and whether it can be sustained.
Taking a look at Dogecoin’s monthly chart, Santana pointed out that this month marks a bullish breakout, the first strong green month since the 2021 bull run. Drawing a parallel to January 2021, he highlighted a similar bullish phase that followed a breakout.
According to Santana, the current growth in Dogecoin’s price is just the beginning of a bullish cycle, hinting at more parabolic rallies ahead. He encouraged skeptics to zoom out on the monthly chart, noting the highest volume since 2021, a break of long-term resistance, and the end of a three-year consolidation period for Dogecoin’s price.
Santana suggested that this consolidation period could signal the start of a strong bull market, predicting that the recent surge is only the tip of the iceberg. Despite potential swings, shakeouts, or corrections in the short term, the overall trend seems optimistic for Dogecoin.
In fact, Santana argued that these corrections are healthy for the market, making it more stable in the long run. So, while the road ahead for Dogecoin may have some bumps, investors can expect more positive momentum for the meme coin in the future.
