The Dogecoin value is up virtually 150% for the reason that begin of this month, because the foremost meme coin continues to take pleasure in a large bull run. Crypto analyst Alan Santana has offered insights into what’s driving this rally and whether or not it’s sustainable.
What Is Driving The Dogecoin Value Rally
In a TradingView post, Alan Santana alluded to DOGE’s month-to-month chart to point out what is really driving the Dogecoin value rally. He famous that this month is a bullish breakout month and the primary sturdy inexperienced month for the reason that 2021 bull run. The analysts particularly cited January 2021, when an analogous motion occurred, with a “very sturdy bullish part” following.
Consistent with this, Santana acknowledged that simply because the Dogecoin value is seeing this sturdy development doesn’t imply that is the tip. As an alternative, the analyst acknowledged that this very sturdy development alerts the start of the bullish cycle, so buyers can anticipate extra parabolic rallies for Dogecoin forward.
Santana requested these unsure to zoom out on the month-to-month chart. He revealed that this month-to-month session has the best quantity since 2021. Moreover, the analyst talked about that this month broke a long-term resistance and descending development. Lastly, he mentioned that this month ended a three-year consolidation period for the Dogecoin value.
The analyst famous that this three-year consolidation can result in a really strong bull market, which is precisely what’s enjoying out. As such, Santana reaffirmed that regardless of how excessive the Dogecoin value goes this month, it’s only the beginning. Within the quick time period, the analyst warned that there could be swings and shakeouts, and even a robust correction can develop alongside the way in which.
Nonetheless, Santana claimed that such corrections are good as they are going to be used as a chance to take income when at resistance and rebuy and reload when at help. He added that the Dogecoin value has far more to offer and that there isn’t a restrict as to how excessive costs can go.
Most Explosive Leg Nonetheless Forward
In an X publish, crypto analyst Kevin Capital echoed a sentiment much like Alan Santana, suggesting that probably the most explosive leg may nonetheless be forward for the Dogecoin value. This got here as he highlighted the stage Dogecon’s value and Relative Power Index (RSI) at the moment are on the month-to-month timeframe in relation to earlier bull cycles.

He claimed that if this Dogecoin value stage and RSI maintain, there’s a lengthy strategy to go on this DOGE bull run, and probably the most explosive leg remains to be forward. Crypto analyst Trader Tardigrade lately predicted that the Dogecoin value may rally to $8.7 by August 2025 if it mirrors the 2017 bull run or rally to $30 by March 2025 if it follows the 2021 bull run.
On the time of writing, the Dogecoin value is buying and selling at round $0.40, down over 6% within the final 24 hours, in accordance with data from CoinMarketCap.
Featured picture created with Dall.E, chart from Tradingview.com