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Dogecoin Price Prediction: Diamond Bottom Pattern Points to Explosive DOGE Upside
By: crypto news|2025/05/08 08:45:02
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The Dogecoin (DOGE) price, last around $0.17, is currently in the process of forming a “diamond bottom reversal” pattern, which one popular technical analysts thinks could signal a new uptrend for crypto’s biggest meme coin. According to an X post by Trader Tardigrade, such patterns often form around the time of a price bottom. #Dogecoin's daily chart appears to be forming a "Diamond Bottom" Reversal Pattern, suggesting a potential shift for $Doge from a recent downtrend to an uptrend. pic.twitter.com/6aSlEfUSMg— Trader Tardigrade (@TATrader_Alan) May 6, 2025Trader Tardigrade’s bullish thesis was echoed by fellow trader Galaxy, who argued in an X post that the Dogecoin price’s weekly chart has started to form higher highs and higher lows following its 2024 breakout from a 600 day accumulation period. There is no real altseason without $DOGE.The weekly chart looks like it started to form higher highs and higher lows after breaking a 600+ day accumulation.I don't think is over, put it on your watchlist. pic.twitter.com/d5Tjxwmc9V— Galaxy (@galaxyBTC) May 6, 2025“I don’t think its over,” he surmised. So, could the Dogecoin price be about to explode?Dogecoin Price Prediction – Explosion Higher Coming?Macro conditions currently aren’t conducive to a renewed altcoins/meme season. As highlighted by the Fed at today’s FOMC policy announcement, US economic conditions remain highly uncertain. The Fed didn't use the word "stagflation", but that's what it's warning about.Never a good moment when your central bank says that it's worried about *both* higher unemployment and higher inflation. That's a problem that monetary policy alone can't solve. pic.twitter.com/myxRG1CDmk— Justin Wolfers (@JustinWolfers) May 7, 2025US President Trump’s trade war has added upside risks to inflation and downside risks to growth, creating a potential “stagflation” scenario for the US economy for the first time in over 50 years. In such an environment, risk assets, which Dogecoin is very much one of, aren’t expected to perform particularly well. Thanks to its growing narrative as “digital gold” and a safe haven, Bitcoin is looking perky, and nearing a retest of $100,000. That, plus the aforementioned favorable chart patterns, could suggest that a medium-term bottom is in for the Dogecoin price. If Bitcoin pushes back above $100,000 and towards a retest of its record highs around $108,000, the Dogecoin price can continue to recover. If it can break above $0.20 resistance, a move back to $0.28 would be on the cards. However, for a new meme season to emerge, a big positive catalyst is going to be needed. That could be something like upside risks to US inflation subsiding, opening the door for significant rate cuts from the Fed. Altcoins/meme coins have historically thrived in times of easing financial conditions, after all. Until then, the Dogecoin price is unlikely to see explosive moves to the upside. The current market environment should be viewed by crypto investors as a good time to steadily add to their DOGE bags.Better Alternative for Fast Gains – Solaxy (SOLX)?As meme coins like Dogecoin navigate turbulent market conditions, Solaxy (SOLX) emerges as a compelling investment. This Layer 2 solution for Solana addresses the blockchain’s congestion issues, enhancing transaction speed and scalability. HyperSpeed Achieved!33 Million Raised! pic.twitter.com/HgswKcnnVM— SOLAXY (@SOLAXYTOKEN) May 3, 2025With over $33 million raised in its presale, Solaxy demonstrates strong investor confidence. Priced at $0.001712, $SOLX offers an attractive entry point, complemented by staking rewards up to 123% APY. Unlike hype-driven meme coins, Solaxy’s focus on technical innovation and multi-chain compatibility positions it for long-term growth. POV: How you'll be feeling using the L2.Pure Bliss.https://t.co/mdaTX9aVVx pic.twitter.com/lWxfeRqVXv— SOLAXY (@SOLAXYTOKEN) May 6, 2025As Solana’s ecosystem expands, Solaxy could be a strategic choice for investors seeking stability and potential in a volatile crypto landscape.The post Dogecoin Price Prediction: Diamond Bottom Pattern Points to Explosive DOGE Upside appeared first on Cryptonews.
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