The same technical setup that launched the first leg of the DOGE bull run is now repeating, but the Dogecoin price outlook could be even more bullish this time around.
While uncertainty around tariffs has dulled enthusiasm for riskier plays like meme coins, a 7% bounce since the start of the month could signal a new DOGE uptrend.
This move comes as the macro backdrop begins to shift in favor of risk assets. Speculators now expect up to three rate cuts before the end of the year, starting as soon as September.
Lower borrowing costs could stimulate new inflows into risk assets like cryptocurrencies, reviving altcoin season sentiment.
Could DOGE Be In for a Second, Larger Bull Run?
The early August turnaround could signal the second leg of Dogecoin’s bull run, with the technical setup now echoing the first, according to popular X analyst Kriss Pax.
DOGE/USDT 4-hour chart, RSI Breaches oversold threshold for the first time since June. Source: X, @Krisspax.
Back in June, the 4-hour RSI dipped into oversold territory below 30, and what followed was a 70% rally that carried DOGE to its late July peak. That pattern now appears to be repeating.
But this time, the move could be bigger. “Last time the price was $0.14 and now it’s around $0.20. Higher lows lead to higher highs,” Pax noted, suggesting stronger upside potential.
A second leg up seems credible as smart money buys back into Dogecoin after profit taking saw whale holdings decline. Over the past 24 hours alone, whales have accumulated over 1 billion DOGE.
New conviction from large holders could be a testament to further gains to come, using the dip as an opportunity to reposition.
Dogecoin Price Analysis: Biggest Rally Coming?
Dogecoin could be in for a bull run continuation as the breakout of a falling wedge opens the door for a return to its late July peak.
DOGE / USDT 4-hour chart, falling wedge breakout. Source: TraidingView, Binance.
Since Pax’s observation, the 4-hour RSI has bounced back from oversold territory to near neutral at 47, paving the way for a breakout of the wedge as buyers step back in.
While the post-breakout momentum has stalled, the upper resistance of the pattern now holds as support.
However, this footing could be weak as the MACD teeters on a potential death cross, moving tightly alongside the signal line.
This opens the door to another retest of $0.19. A successful bounce from that level could form a double bottom, building a stronger base for reversal.
For now, the uptrend shows staying power. If this momentum holds, Dogecoin could continue on the breakout path to $0.25 for a potential 24% gain from current prices.
Should that level flip to support, the rally may extend toward the mid-July high at $0.2875 in a 38% gain, clearing a path for a continuation of the bull run.
Much like the last time the RSI hit 30, it took a month for momentum to build. August could see continued consolidation as DOGE navigates the effects of new U.S. tariff duties on over 90 countries.
Come September, a potential rate cut and the build-up to the spot DOGE ETF decision deadline in October could see renewed inflows.
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