With the broader crypto market turning bullish again, Dogecoin has shifted toward positive territory

With the broader crypto market shifting back into bullish territory, the largest dog-themed meme coin has moved into positive territory again as it recovers above the $0.17 level.

Many crypto experts have been predicting an impending price rebound for the meme coin, which means that DOGE’s renewed upward movement could be part of a larger uptrend.

A Price Rebound Imminent For Dogecoin?

Dogecoin is now displaying renewed positive momentum, having gained over 5% in the last two days. As the price begins to show signs of upward movement, Ali Martinez, a market expert and trader, has forecasted an impending rally for the meme coin, suggesting the continuation of the ongoing uptrend.

However, Ali Martinez predicts that the meme coin must maintain support at a critical price level in order to witness a rebound.

Looking at the recent price action of DOGE, it seems that the cryptocurrency is setting the stage for a notable upsurge as bullish momentum builds.

Moreover, Martinez’s forecast is based on a massive Ascending Parallel Channel formation that is spotted on the weekly time frame. Looking at the chart, this rising pattern hinting at a bounce-back scenario has been forming for the past 10 years.

Presently, the ascending parallel channel pattern has created a strong support zone at the $0.16 mark. As seen in the past, whenever the pattern forms a strong support, DOGE usually undergoes a significant rally toward a new all-time high.

Considering past trends, Martinez forecasts a rebound toward the mid or upper range if Dogecoin maintains its positive above the $0.16 support at the channel’s lower boundary. A surge to the mid or upper range of the channel will bring the meme coin’s price between $4.5 and $14 at the end of the current bull market cycle.

Downside Movement For DOGE More Likely Than An Upside Push

Even though DOGE has often skyrocketed once the channels find strong support, it is possible that its failure to maintain above the support zone might expose it to further downside risks in the short term.

Examining the daily chart of DOGE, Trader Tardigrade, a crypto analyst and investor, has highlighted a potential downside move in the upcoming days. According to the expert, the Dogecoin daily chart displays a bearish Tweezer candlestick pattern, with a false breakout at the resistance level of $0.176.

This technical setup shows that Dogecoin is more likely to move downward to retest the previous support level of $0.143, thereby creating a sideways range between $0.143 and $0.176.

Meanwhile, DOGE’s stabilization within the sideways range may set the stage for an upward breakout to key resistance levels. However, DOGE must gain momentum with higher lows slightly below $0.176 in order to break past the level.

At the time of writing, the meme coin has risen to the $0.175 mark, displaying a more than 2% increase in the last 24 hours. Data from CoinMarketCap reveals that investors’ sentiment has turned significantly bullish, with its trading volume increasing by over 56% in the past day.