A widely followed cryptocurrency analyst predicted a possible bull run for Dogecoin DOGE/USD on Tuesday, following a false break in the dog-themed memecoin’s trajectory.
What Happened: Trader Tardigrade, an X user known for their bullish outlook on Dogecoin, noticed that the coin has made a false break for the first time since December 2024
“It’s staying above the support line for days, confirming the characteristics of a false break,” the chartist stated. “A new DOGE bull run could start from this false break.”
As the term implies, false breakouts trick traders into believing that a trend is shifting, only for the price to reverse swiftly, resulting in significant price movements in the opposite direction. In the above example, Trader Tartigrade emphasized DOGE’s persistence above the support level at $0.153, causing them to publish a bullish reversal forecast.
The bullish sentiment was echoed in DOGE’s derivative markets as well. According to Coinglass, about 55% of Binance traders with open DOGE positions were long, suggesting expectations of a rebound.
To the contrary, the Awesome Oscillator, a well-known momentum indicator that compares recent market movements to historic market movements, flashed a “Sell” signal for the memecoin, according to TradingView. Additionally, the Relative Strength Index, used to spot overbought and oversold conditions, was “Neutral” as of this writing.
See Also: Dogecoin Whales Are Accumulating: Is A Breakout Imminent?
Why It Matters: The projections came as Dogecoin fell overnight on Tuesday, the decline came amid a broader correction as the cryptocurrency market followed stock futures that fell as news broke that fresh China chip curbs had been imposed on Nvidia.
Large transactions valued at over $100,000 spiked 41% in the last 24 hours, while the daily active address count rose 35%, according to IntoTheBlock.
Price Action: At the time of writing, Dogecoin was exchanging hands at $0.1558, down 2.45% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the meme coin has dropped 51.96%.
Photo Courtesy: alfernec on Shutterstock.com
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