According to analyst, Behdark, Dogecoin is entering a long-term bullish rally, fueled by technical indicators and strong support levels.
Dogecoin's historical performance suggests a bullish D wave, that might lead to a 100% price increase.
The $0.10 price point has historically acted as a strong support level for Dogecoin.
Moreover, the growing numbers of new Dogecoin wallets suggest increasing investor interest.
Analysts, investors and traders have been keeping a close eye on Dogecoin for months now, as it continues to show signs of an incoming bullish wave.
Despite starting as a mere memecoin and even as a "joke", Dogecoin has risen past this narrative and is one of the biggest contenders among the top 10 cryptocurrencies on the market.
Here’s why we think Dogecoin might be at the cusp of something huge—according to insights from a prominent analyst.
According to a recent TradingView post from a pseudonymous analyst, "Behdark" Dogecoin could be poised for something massive, as we will soon see.
Before long, Dogecoin might be rising to the top of the gainer rankings, and dominating the bullish scene, just as it did through 2021:
According to Behdark’s chart analysis, Dogecoin is currently finalizing what he calls a ”bullish diametric pattern”.
For context, bullish diametric patterns occur when the price of a certain asset experiences waves of squeezes and expansions, all occurring one after the other.
When something like this happens, we can conclude that the bulls are gathering up strength to send the asset skyrocketing upwards.
Dogecoin’s diametric patterns
The analyst also mentions that the $0.10 support is a crucial one, and Dogecoin has found strong support severally, around this price level.
Behdark also noted that whenever Dogecoin tests this price level, the bulls always swing into action, pushing the cryptocurrency further upwards into a rebound, and giving investors new hope.
Behdark also noted that compared to the previous bull markets, the growth on Dogecoin is expected to last for a lot more than 500 days, suggesting that the incoming run on Dogecoin is set to be massive and long-lasting.
The analyst also states the price of DOGE is currently in a D wave, having completed the C wave after rising over $0.2 sometime in March.
Historically, this D wave has been bullish for the price of the cryptocurrency, raising it by at least 100% in previous instances.
Overall, Behdark sets the initial price target for Dogecoin at $0.28.
After this, we might be seeing a retracement to the $0.16 level, which would mark the completion of the E and F waves.
The expert then predicts that the price would rise by over 100% to $0.38 once the G wave starts. Dogecoin is currently changing hands for more than $0.16, having increased by 18.6% in the past week.
Dogecoin wallets spiking
This is without mentioning how IntoTheBlock in a tweet from this week, states that the number of new Dogecoin wallets is rising steadily this week, with more than a 100% increase in the number of created wallets between Monday and Tuesday.
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