Bitcoin Buddha, a prominent analyst, shared with his 450.6k followers on X (formerly Twitter) that Dogecoin is currently poised for a potential parabolic rally.

Prominent crypto analyst Bitcoin Buddha has shared with his 450.6k followers on X (NYSE:TWTR) (formerly Twitter) that Dogecoin is currently setting up for a potential parabolic rally. His bullish outlook is backed by both technical chart patterns and external influences, such as Elon Musk's endorsement.

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Bitcoin Buddha's analysis points to a breakout in Dogecoin's ??? ???? ??? ???? downtrend, with the asset now forming higher highs and higher lows. He attributes this trend reversal to strong buying pressure and anticipates further gains ahead.

Dogecoin Chart Analysis: Bullish Breakout After Prolonged Downtrend

The Dogecoin price chart shows that beginning in May, the digital asset has been trading in a ??? ???? declining trend. This pattern is characterized by lower highs and lower lows, indicating a downtrend.

However, a breakout in early October signaled a shift in momentum from bearish to bullish as DOGE's price резко rose from this ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???? ??? ???e.

After this breakout, DOGE's price has been steadily rising, forming higher highs and higher lows. The cryptocurrency is breaking through key resistance levels, and the price trend indicates strong buying interest.

$Doge coin on a roll! ? It's more than just a meme – this crypto is poised for a parabolic surge.

Elon Musk's subtle support is fueling the hype. Imagine the impact of #DOGE integrated into X payments in future! ? https://t.co/1Snee2r1Kp pic.twitter.com/SdSfkNntTg

As it stands, DOGE's price has moved past previous barriers, turning them into new support zones. Analysts are now eyeing the next resistance areas as potential targets if the current trend continues.

Dogecoin Support, Resistance Levels in FocusAfter its recent price surge, Dogecoin has found new support in the $0.10 to $0.145 zone, according to an analysis of support and resistance levels.

The fact that the cryptocurrency has managed to maintain its position above these levels after previously failing to break through them suggests strong bullish sentiment. The next significant resistance levels for DOGE are located between $0.16 and $0.22, and traders may want to keep an eye on these levels in the upcoming weeks.

If the market keeps moving higher over these resistance levels, there could be further gains ahead, and Dogecoin could hit all-time highs. Based on the price fluctuations, it appears like bulls are currently in control of the market, and a potential rally is still feasible.

Read Also: Elite Crypto Analysts Say Bitcoin is ‘Digging Deeper,’ Predict BTC Dominance at 60% Before EOY

External Influences, Market SentimentNot only do technical indicators back the bullish sentiment surrounding Dogecoin. Elon Musk's subtle endorsement is a major contributing factor to the current excitement, as Bitcoin Buddha's tweet highlights.

Due to the tech billionaire's previous support, DOGE's price has often surged, and his continued backing continues to instill confidence in investors. Buddha further hinted at the possibility of integrating Dogecoin into X payments, which could serve as a game-changing development for the cryptocurrency.

While this integration remains a subject of speculation, the potential has sparked enthusiasm within the community, bolstering the outlook for DOGE.

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