Dogecoin (DOGE) Could Resume Price Rally as Familiar Bullish Trigger Emerges

December 31, 2024

Yesterday, news broke out that there will be weekly livestreams featuring Elon Musk and Vivek Ramaswamy, where they discuss recent developments in the Department of Energy (D.O.G.E.). Of course, almost immediately, tokens on both Ethereum and Solana's ecosystem were created with the same name. We will be focusing mostly on the one on Ethereum since in this ecosystem there are more PolitFi traders who can drive the price up. Is Dogecast the Next Big Meme Coin? Current market cap of Dogecast on this network is around $7 million and this could potentially go much higher, especially when Elon starts tweeting about it. He actually already confirmed 2 days ago that there will be weekly updates about DOGE. However, he still needs to use the actual word "Dogecast" and this could go bananas. https://twitter.com/DogecastETH/status/1857685094166667413 A lot will also depend on how frequently Elon discusses this topic and when the podcast actually launches. According to reports, it's starting "soon," and once the official date is announced, it could potentially benefit the price as traders will have a specific date to focus on. This kind of concrete timeline often creates anticipation in the market. Of course, note that this is a new meme coin that relies mostly only on a narrative that could be hot in the upcoming days but it also depends on their CTO and team. If they decide to rug pull, it can easily go to 0. However, if they don't do that and narrative stays hot, we are potentially looking at $50 million market cap or even $100+. Remains to be seen in any case.

Technical trader Tardigrade has identified a potentially bullish pattern in Dogecoin’s price action, drawing parallels between current market conditions and those that preceded a significant rally in August 2024.

Recent price action shows Dogecoin maintaining stability above crucial support levels despite apparent market manipulation attempts.

The latest chart analysis reveals a sharp downward spike in December 2024, reminiscent of similar price action witnessed in August. In both instances, the cryptocurrency quickly recovered, suggesting the dips were artificial movements rather than genuine selling pressure.

Historical Pattern Recognition for DOGE Price

The August 2024 event proved to be a precursor to a substantial bull rally. The market’s quick recovery from manipulation demonstrated strong buyer presence at key support levels. The current price action in December 2024 mirrors this pattern, with DOGE showing resilience by bouncing back from attempted price suppression.

Tardigrade’s analysis suggests Dogecoin price is well-positioned for another potential upward move. The cryptocurrency’s ability to defend its support level, combined with the historical precedent set in August, points to strengthening market fundamentals.

While market movements remain unpredictable, the parallel patterns between August and December 2024 provide a compelling case for renewed bullish momentum in DOGE’s near-term price action.

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