Despite experiencing a notable downturn in early July, Dogecoin (DOGE) has shown remarkable resilience, rebounding strongly after dropping to around $0.092 earlier this month amid massive whale dumping.
Over the past week, the leading meme coin has been bullish, reclaiming breakout levels established during its rally earlier this year particularly surpassing the historically significant resistance level of $0.10.
That said, this resurgence has become a focal point of investor optimism and sparked positive sentiment among market analysts. Over the weekend, analyst “Trader Tarigrade” highlighted this renewed bullish sentiment on X, suggesting that DOGE is currently following familiar chart patterns seen before major rallies in 2017 and 2021.
Notably, last month, the pundit emphasized the formation of a 17-month consolidation phase akin to previous bullish cycles that have historically preceded major upward movements. In the latest tweet, the pundit echoed his call, expressing optimism on the potential for substantial upward momentum that could propel DOGE to approximately $6, representing a staggering increase of around 4,900% from current levels.
Analyst BigMike also contributed to the optimism with his bullish outlook on DOGE’s immediate future, drawing from the Elliott wave theory to predict a surge to approximately $0.62 in the short term. According to BigMike, DOGE may have already established its bottom following the recent rebound, suggesting that current market conditions are conducive to a swift price appreciation.
Further fueling optimism among DOGE enthusiasts are speculations regarding Elon Musk’s influence through his company X (formerly Twitter), potentially integrating Dogecoin for payments. On July 12, Dogedesigner, a prominent figure in the Dogecoin community and close associate of Musk highlighted X’s recent acquisition of a Money Transmitter License in California, alongside existing licenses in 33 other states. This development has sparked anticipation that DOGE could experience heightened adoption and utility should Musk push for its integration within X’s platform.
At press time, DOGE was trading at $0.1193, reflecting a 4.56% increase over the past 24 hours, according to CoinMarketCap data. Analyst “DaanCrypto”, however, suggested that for sustained upward momentum, the price must reclaim and maintain above the $0.12 threshold.
