Dogecoin Enters A Long-Term Bullish Rally, Here’s The Roadmap And Target

Dogecoin Poised for Long-Term Bullish Rally, Analyst Predicts

According to crypto analyst Behdark, Dogecoin has entered a bullish rally that could propel its price significantly higher. This assessment follows a sharp recovery from a dip below $0.13, with the price now hovering above $0.16.

Factors Driving the Bull Run

Behdark identifies several factors contributing to Dogecoin's current bullish momentum.

• **Strong Support at $0.1:** The price has established a robust support level just above $0.1, preventing further declines and facilitating rebounds.
• Extended Correction Period: Dogecoin has undergone a prolonged period of correction, making it ripe for a bullish reversal. Behdark draws parallels to a previous 900-day correction, suggesting this one could extend beyond 500 days.
• Breakout from October 2023: The rally commenced in October 2023 when the price broke above $0.06. This move initiated an alternating pattern of uptrends and downtrends, leading to the current bullish wave.

Invalidation Thesis

Behdark outlines a condition that could invalidate his bullish prediction: the price falling below $0.08. Closing a daily candle beneath this level would negate the analysis.

Price Targets and Wave Structure

Behdark believes Dogecoin is currently in a D wave, following the completion of the C wave after rising above $0.2. Historically, the D wave has been bullish, often triggering a 100% price increase.

The analyst sets the first target at $0.28, followed by a retracement to $0.16, completing the E and F waves. The subsequent G wave could push the price over 100% to $0.38.

Current Market Position

As of writing, Dogecoin is trading above $0.16, marking an 18.6% increase over the past week. It remains the 8th-largest cryptocurrency, with a market capitalization of $24.18 billion.