Dogecoin (DOGE) is once again showing signs of activity after two years of sideways movement. Analyst CryptoPatel has outlined potential growth scenarios based on current charts and market structure.
Price Dynamics of Dogecoin
According to the analysis, DOGE shows early signs of life on larger time frames. If the price holds steady at its current level and maintains a positive structure, a move towards previous highs could be in play. The monthly chart indicates a shift in market structure, signaling a possible reversal of the long-running downtrend that began at the 2021 peak.
Target Zones on the Dogecoin Chart
A key aspect refers to two major target zones mentioned in the analysis. These areas represent external liquidity points on the monthly chart and may serve as important reaction levels as market momentum builds.
Support and Market Structure of Dogecoin
Existing support levels continue to hold, anchored by the reaction from the order block. The current range sits above this demand zone, and the reaction from that area remains intact. This supports the view that buyers are maintaining control over the long-term structure. The stop-loss region suggested in the chart serves as a clear point to validate the setup, provided the Dogecoin price stays above that area.
Current market signals indicate the possibility of the Dogecoin price rising in the coming months. It is essential to monitor the momentum to determine if the asset can transition into the next phase of growth.
