With the recent turn in the tide led by Bitcoin crossing $70,000, the Dogecoin price has begun to see some upside. This has been propelled forward by the fact that the meme coin seems to have been stuck in a prolonged accumulation trend, now culminating in an uptrend. As the Dogecoin price continues to chase more rallies, a crypto analyst has called an end to the bearishness that has plagued the digital asset, suggesting that it is time for a change.
Dogecoin Is Turning Bullish
Crypto analyst Master Ananda published a callout for Dogecoin that suggests that the price may be getting into another bullish trend. In the post made on the TradingView website, the crypto analyst explains that Dogecoin is actually no longer bearish. This comes after the meme coin completed its largest green candle in more than one month, erasing the bearishness that has dominated over the last year.
Explaining why Dogecoin is no longer bearish, the crypto analyst points out that rising volumes, as well as the increase in prices, are culminating in the start of another bullish phase. DOGE, on its part, has seen a bullish breakout with momentum during this time.
Other factors that the crypto analyst calls out are the green candle and rising volume, followed by strong oscillators and marketwise action, which are pushing the bearish trend. Not only Dogecoin, though, the analyst predicts that the world will begin to lean toward the crypto market, and this is expected to trigger a bullish breakout.
Breaking Above $0.1 Holds The Key
Another crypto analyst, Crypto Surf, called out a possible continuation of the Dogecoin uptrend, using technical indicators for this. The first of these is the fact that the Dogecoin price had made a clean bounce off the 0.786 Fibonacci level, as well as breaking the long-term confluence at $0.08.
This move has effectively broken the RSI downtrend, putting it on a path for further recoveries. For now, the next major level lies at $0.1, and this is where the decision could be made for the meme coin. If it breaks above cleaning and completes a close above this level, then the crypto analyst believes this could be a trigger, and that patience is the key.
Featured image from Dall.E, chart from TradingView.com
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