Analyst Reveals Truth Behind Dogecoin Price Rally
Dogecoin has been on a wild ride lately, with the price surging almost 150% since the beginning of the month. Crypto analyst Alan Santana has some interesting insights into what’s fueling this rally and whether it’s here to stay.
Taking a look at DOGE’s monthly chart, Santana points out that this month is showing some serious bullish momentum. In fact, it’s the first time we’ve seen such a strong green month since the big bull run back in 2021. Santana draws parallels to January 2021, highlighting a similarly bullish phase that followed a breakout.
But just because Dogecoin is experiencing a significant growth spurt doesn’t mean it’s all over. Santana believes this could be the start of a bullish cycle, potentially leading to even more parabolic rallies for Dogecoin in the future. To drive this point home, Santana suggests zooming out on the monthly chart to see the bigger picture. This month has seen the highest volume since 2021, and broken through long-term resistance and descending trends. Additionally, it marks the end of a three-year consolidation period for Dogecoin.
With this three-year consolidation now in the rearview mirror, Santana predicts a strong bull market ahead. So, no matter how high Dogecoin’s price climbs this month, Santana sees it as just the beginning. He does caution that there may be some short-term swings, shakeouts, and potential corrections along the way.
In essence, while corrections may seem daunting, Santana views them as healthy for the overall growth and sustainability of Dogecoin’s price rally.
