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Dogecoin, despite being the largest meme coin, has been unable to replicate its previous explosive trends that had led to new all-time highs. Even now, the cryptocurrency continues to struggle below $0.1, spurred on by the bearish sentiment that has dominated the digital asset market in recent times. However, it seems that there might be a light at the end of the tunnel for the Dogecoin price, with the emergence of a bullish indicator that could signal the next recovery trend.
What The Morning Doji Star Means For Dogecoin
Prominent crypto and Dogecoin analyst Trader Tardigrade recently highlighted an interesting formation on the Dogecoin price chart. According to the crypto analyst, there has been the appearance of a Morning Doji Star on the meme coin’s monthly chart.
The interesting thing about a Morning Doji Star is the fact that it is often a precursor to a bullish move. The last time that this same Morning Doji Star appeared on the Dogecoin monthly price chart was back in 2023. Following the appearance of this bullish formation, the Dogecoin price went on to rise by more than 400% over the next year.
While the resulting rally from the 2023 Morning Doji Star formation did not lead to a new all-time high for Dogecoin, it signaled the potency of the move. In the end, the Dogecoin price had risen to as high as $0.5 before the momentum eventually fizzled out.
This time around, though, the analyst is expecting the resulting rally to be even more explosive than what was seen back in 2024. Instead of just stopping at maybe a 400% move, the analyst expects that the Dogecoin price could rise over 700%.
If this happens, then it would put the meme coin on a path toward $0.7, which could mean a retest of its current all-time highs. However, before the rally can begin, the price needs to bottom first, and if the historical performance is to be followed, then it could mean that the DOGE price could fall further toward $0.08 before finding a bottom.
Nevertheless, the expectation remains that Dogecoin could be on its way to another historical rally. Meanwhile, all eyes remain on Bitcoin as the OG cryptocurrency has dictated the trajectory of other digital assets since its inception.
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