Dogecoin Price Prediction: Diamond Bottom Pattern Points to Explosive DOGE Upside

Dogecoin Price Prediction: Diamond Bottom Pattern Points to Explosive DOGE Upside / Source: Cryptonews

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.

Trader 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.

“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.

US 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.

With 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.

As Solana’s ecosystem expands, Solaxy could be a strategic choice for investors seeking stability and potential in a volatile crypto landscape.