Dogecoin’s Rebound Against Bitcoin
Dogecoin has shown signs of recovery against Bitcoin following a liquidity hunt observed on the weekly chart. Analyst Trader Tardigrade anticipates a potential 3X rally, coinciding with the expectations of an impending altcoin season.
In a post shared on X, the analyst mentioned that Dogecoin is currently positioned above the previous sell-side liquidity zone. This rebound indicates that the DOGE/BTC pair has regained strength after enduring several weeks of pressure from Bitcoin.
The weekly chart illustrates a liquidity hunt, which involved the price dropping below equal lows to trigger stop orders ahead of the rebound. Throughout early and late 2024, DOGE/BTC tested support levels around 160–170 sats multiple times, thus establishing a sell-side liquidity zone.
With Dogecoin now bouncing back from this liquidity hunt, chart analysis suggests that DOGE could reach approximately 0.00000516 BTC (516 sats), or around $0.576 at the current BTC price. This would signify a gain exceeding 315% from the lows resulting from the liquidity sweep.
This projection aligns with a clearly marked “3X” trajectory on the chart, as earlier swing highs of 0.00000280 BTC (280 sats) at $0.313 and 0.00000360 BTC (360 sats) at $0.402 likely serve as interim checkpoints before targeting the 516 sats or $0.576 mark.
Trader Tardigrade indicated that the trendline projection corresponds with the expectations of an altcoin season, a term used when altcoins outperform Bitcoin during periods when capital flows into the broader cryptocurrency market.
A strong Dogecoin performance could be indicative of the onset of altcoin season. Historically, altcoin seasons have observed rapid surges across a variety of tokens following Bitcoin’s consolidation or stabilization.
Martinez’s Bullish Analysis
Meanwhile, crypto analyst Ali Martinez has suggested that Dogecoin could be on the cusp of a bullish breakout following one last pullback. In a 4-hour chart shared on X, Martinez showcased a symmetrical triangle formation, indicating that DOGE might experience a brief dip toward the $0.22 support zone before moving higher. It is worth noting that Dogecoin is currently trading at this level.
Martinez’s analysis identifies potential upside targets at $0.26, $0.28, and possibly $0.31 if the breakout is confirmed, suggesting that the current consolidation phase might soon transition into renewed momentum.
Marks’ Projection of a New Bull Cycle
Additionally, analyst Javon Marks forecasted that Dogecoin could be on the verge of its next bull cycle, citing historical price patterns that show repeated breakout formations. The chart highlights Dogecoin’s previous all-time highs of $0.0023 in 2014, $0.0183 in 2017, and $0.7396 in 2021, each occurring after prolonged consolidation phases before significant rallies.
Marks observed that the current structure reflects past cycles, with Dogecoin adhering to an ascending support trendline and forming another accumulation wedge. He characterized this phase as one of the token’s “most bullish periods,” predicting a move exceeding 3x from current levels, potentially surpassing the $0.73905 all-time high established in 2021.
Importantly, analyst Dogegod had previously suggested that Dogecoin’s bounce from key support levels could induce a significant reversal, predicting a rally of 258% beyond its all-time high.
