Dogecoin’s price continues to maintain a huge upswing, leading the list of top gainers after Maker (MKR). Ever since Elon Musk rebranded Twitter to X and mentioned X & D in his bio, the DOGE price spiked heavily and has continued to soar high until now. The price is displaying huge potential to maintain a fine upswing as the bullish momentum piles up. ]
The price was undergoing a parabolic recovery and was expected to trade along the lower support to reach the neckline of the consolidation. However, the fresh bullish push is compelling the price to trigger a massive upswing, which may lift the price beyond the crucial resistance very soon. The buying pressure has significantly piled up, which may further strengthen the base required to trigger a bullish breakout.
The DOGE price rose above the bearish pattern and is currently heading towards its next target above $0.09. Now that the price is ranging high, it may secure the upper targets beyond $0.1 initially and head towards the next targets. Besides, the daily active address count had been soaring for over a month, indicating a new bullish wave could be on the horizon.
However, the rally also carries the possibility of a bearish pullback. The price may be bullish in the short term, but in the long term, it continues to consolidate within a bearish influence. The sideways price action is serving as the bull cycle’s accumulation phase before the final parabolic rally lift that could lead Dogecoin (DOGE) price towards a new ATH.