Crypto analyst Kriss Pax has provided a bullish narrative for Dogecoin (DOGE), predicting that the foremost meme coin could enjoy a massive price surge soon enough. This comes amid the recent surge in an on-chain metric, which turned bullish for Dogecoin.
Dogecoin Could Enjoy A Massive Bounce From Its Current Price Levels
Pax suggested in a video on his YouTube channel that Dogecoin could enjoy a bounce from its current price level and that now may be an excellent opportunity to buy the foremost meme coin ahead of its imminent price recovery. The analyst claimed this recent market decline might be the last flush before the crypto market recovers.
He alluded to the Spot Ethereum ETFs, which are expected to begin trading soon enough, as something that will spark the bounce for DOGE and the broader crypto market. He also highlighted the relative strength index (RSI) which he suggested is flashing a bullish signal for the meme coin.
Besides those factors, Pax also highlighted that altcoin dominance is rising following the recent drop in Bitcoin’s dominance. This presents a bullish narrative for Dogecoin since a decline in Bitcoin’s dominance could soon usher in the altcoin season for Dogecoin and other altcoins.
Pax suggested that the altcoin bull run could happen sooner than expected as the bullish cross on the Moving Average Convergence/Divergence (MACD), which formed on the ETH/BTC pair during the 2020 altcoin season, is about to form again. The analyst again reaffirmed that now is the perfect opportunity to buy DOGE while alluding to the meme coin’s market value to realized value (MVRV), which shows it is currently undervalued.
Pax’s Dogecoin analysis comes amid a recent surge in the meme coin’s trading volume. Data from Coinglass shows that Dogecoin’s trading volume has surged significantly in the last 24 hours. This is a positive development since crypto investors and traders are still heavily invested in the meme coin and may be looking to accumulate more during this dip.
DOGE Still In A Macro Trend
Dogecoin dropped to as low as $0.11 following the recent market decline. However, crypto analyst Kevin (formerly OG Yomi) recently noted that DOGE is still in a macro bullish structure as long as it continues to achieve a weekly close above 0.10291.
For now, he claimed that Dogecoin, along with many other altcoins, is experiencing a “type of SOS phase of Wyckoff,” in which they are retesting the top of the bear market range that they broke out from at the beginning of the bull run. Dogecoin holding above that level could spark another run for the foremost meme coin, with Kevin predicting that it could rise to as high as $3 in this market cycle.
At the time of writing, Dogecoin is trading at around $0.12, up over 4% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
