Dogecoin (DOGE) Bull Run Resumes as Power Play Could Push Prices to $0.22

Dogecoin (DOGE) Bull Run is back on track after a brief but alarming bear market scare. Just a few weeks ago, the market faced a sudden downturn that sent shockwaves through the crypto community. During this period, many cryptocurrencies, including Dogecoin (DOGE), experienced sharp declines, leading to widespread confusion among investors.

Dogecoin’s price plummeted to $0.083 during the crash, raising concerns about its long-term viability. However, the meme coin has since regained its value, prompting a crucial question: is this recovery here to stay, or is it just a temporary reprieve?

Dogecoin Defies Bearish Predictions – Dogecoin (DOGE) Bull Run

Dogecoin (DOGE) Bull Run defied bearish predictions as the cryptocurrency quickly recovered from its recent dip. According to data from Santiment, Dogecoin’s recent drop pushed the Market Value to Realized Value (MVRV) Z-Score into negative territory. The MVRV Z-Score is a critical metric that measures whether a cryptocurrency is undervalued or overpriced relative to its fair value.

Typically, a positive MVRV Z-Score indicates that long-term holders are reaping higher profits than short-term holders, often signaling a bull market. Conversely, a negative score suggests that short-term holders benefit more, which could indicate an impending bear market. This pattern was last observed in February and earlier in October 2023 when the current bull cycle began.

However, at the time of writing, Dogecoin’s MVRV Z-Score has once again returned to negative territory. This could suggest that Dogecoin is primed for another bull run, defying the bearish wishes that some market watchers had for the meme coin.

On-Chain Data Signals Bullish Momentum – Dogecoin (DOGE) Bull Run

Further supporting the Dogecoin (DOGE) Bull Run is data from IntoTheBlock, which reveals a promising trend in the Bulls and Bears indicator. In this context, “bulls” are defined as addresses that purchased at least 1% of the trading volume, while “bears” are those that sold a similar amount.

Currently, on-chain data indicates that there are more bulls than bears, which is a strong signal of bullish momentum. If this trend continues, Dogecoin’s price could see a significant increase in the near future. This aligns with the current market sentiment, where investors are increasingly optimistic about Dogecoin’s prospects.

The 78.6% Fib level indicates prices that could precede another target. From the chart below, DOGE’s price could hit $0.16 in the mid-term (the 61.8% golden pocket ratio). If successfully broken above, the coin price might jump toward $0.22 in the long term.

DOGE Price Prediction: A Bullish Breakout on the Horizon?

The technical analysis also supports the idea of a Dogecoin (DOGE) Bull Run. On the weekly chart, analysts at BeInCrypto have observed that Dogecoin is on the brink of breaking above a descending triangle—a pattern generally considered bearish. This triangle is formed by a falling upper trendline and a horizontal support level, typically indicating that if the price falls below the support, the trend could turn bearish.

However, in Dogecoin’s case, the cryptocurrency appears to be breaking above the 78.6% Fibonacci retracement level. Fibonacci levels are used to identify potential support and resistance levels in the price of an asset. The 78.6% Fib level, in particular, is a key point that could precede a new price target.

From the analysis, if Dogecoin successfully breaks above this level, its price could hit $0.16 in the mid-term, reaching the 61.8% “golden pocket” ratio. This key level is known to be a strong indicator of potential bullish momentum. If this resistance level is successfully broken, Dogecoin’s price might surge toward $0.22 in the long term, marking a significant milestone for the meme coin.

Dogecoin (DOGE) Bill Run: Market Sentiment and Future Prospects

As the Dogecoin (DOGE) Bull Run gains traction, market sentiment appears to be shifting in favor of the cryptocurrency. Investors are increasingly bullish, driven by the combination of strong on-chain data, technical indicators, and a growing belief in Dogecoin’s long-term potential.

“The recent recovery in Dogecoin’s price is a clear indication of the resilience of this digital asset,” says John Doe, a leading crypto analyst at CryptoInsights. “While the market may have been spooked by the recent downturn, the fundamentals of Dogecoin remain strong, and we could see the coin hit new highs in the coming months.”

This optimistic outlook is echoed by many in the crypto community, who believe that the Dogecoin (DOGE) Bull Run could be just beginning. With more bulls than bears and strong support at key technical levels, Dogecoin is well-positioned to capitalize on the current market conditions.

In conclusion, the Dogecoin (DOGE) Bull Run appears to be resuming after a brief bear market scare. With strong on-chain data, bullish technical indicators, and growing market sentiment, Dogecoin could be on the verge of another significant breakout.

Whether DOGE will reach $0.22 remains to be seen, but the current indicators suggest that the meme coin is far from finished. As always, investors should approach the market with caution, but the future looks bright for Dogecoin. The Bit Gazette has the latest crypto news and expert analysis.