Dogecoin (DOGE) Uptrend to Resume?

Analysts suggest Dogecoin is on the cusp of resuming its uptrend after an extensive consolidation period.

Dogecoin (DOGE) price seems to be preparing for another round of uptrend after an extensive consolidation period, analysts suggest.

Following Donald Trump’s victory in the presidential election, the leading meme coin surged 220% from $0.15139 to $0.48434 as investors speculated that the incoming administration would support crypto.

While the rally stalled in the past few weeks, with DOGE shedding some gains to trade around $0.38429, analysts now suggest it is ready for its next move.

Dogecoin (DOGE) uptrend to resume?

Crypto trader "Olivier Đ X" suggested that Dogecoin’s price rally is set to resume. The analyst disclosed this in an X post on Tuesday, asserting that the meme coin was staging a price reversal to the upside on its 4-hour candle chart.

According to Olivier Ð X’s analysis, DOGE is completing a breakout of a descending channel on the 4-hour candle chart. The asset should resume its uptrend after breaking an emerging resistance around the $0.4140 price point, the trader noted. This pattern also has the potential to expand into an ascending triangle chart pattern.

Meanwhile, Olivier Ð X is not the only analyst who has suggested that Dogecoin’s rally is set to resume. On Tuesday, "The Cryptomist" asserted that the meme coin’s price was gearing up for a significant spike. The analyst expressed this view, citing an ascending triangle pattern on the asset’s daily candle chart.

While Olivier Ð X and The Cryptomist offer no price targets for the expected rally, analysts like Javon Marks have contended that DOGE is set to break its all-time high price of over $0.73 with conservative long-term targets of $3.

The recent views contending that the meme coin’s uptrend is set to resume come just as data suggests that investors may now be losing patience.

Dogecoin (DOGE) sentiment flips negative

According to Sentiment Feed data shared by Ali Martinez on Tuesday, weighted sentiment around DOGE has flipped negative, dropping sharply from highs of nearly five on Santiment’s scale in mid-November 2024 to a negative 0.6.

At the same time, social mentions of the asset have also tanked from over 3,200 to below 300.

Santiment Feed has often tipped overwhelming negative sentiment as a contrarian indicator.