Dogecoin Returns To Key Local Peak: Is Another Uptrend Coming?
The post Dogecoin Returns To Key Local Peak: Is Another Uptrend Coming? appeared on BitcoinEthereumNews.com.
Dogecoin’s price action in the past 24 hours has been characterized by a struggle to hold above the $0.20 price level. Notably, this struggle above $0.20 comes after Dogecoin’s break below the level on the last day of February, marking the first time it traded below $0.20 since November 2024. From a technical outlook, this recent price crash aligns with a pattern that has preceded rallies for DOGE, with the meme coin essentially re-visiting its previous local peak. Dogecoin Price Revisits Local Peaks Before Another Breakout Dogecoin’s price crash to $0.20 could begin an extended bearish move from here, but technical analysis suggests otherwise. Crypto analyst Trader Tardigrade has provided a bullish perspective, arguing that Dogecoin’s current price action fits within a well-established pattern that has historically preceded major rallies on higher timeframes. Related Reading As noted by the analyst, Dogecoin’s price has pulled back to trading around the $0.22 level, which is only a retest of its local peak after the rally in the first three months of 2024. Interestingly, the meme coin’s latest movement to $0.22 follows a larger correction from its December 2024 high of $0.475. Interestingly, this isn’t the first time that Dogecoin is revisiting its previous local peak this cycle, with Trader Tardigrade’s analysis highlighting how Dogecoin tends to revisit former peaks before entering a sustained rally. According to the weekly candlestick timeframe chart that accompanied his analysis, Dogecoin has revisited its local peaks about three times since July 2023. The most notable revisit of a local peak was in Q3 2024, when Dogecoin retraced to around $0.095 after its peak of $0.22 in April 2024. Interestingly, this retracement to $0.095 in Q3 2024 was also a revisit of its December 2023 peak price. It continued to hover around $0.095 between July and September 2024…
Filed under: News - @ March 2, 2025 11:15 am