Dogecoin (DOGE) May Be Setting up for a Strong Bullish Move

• DOGE’s price is attempting a new rally that could be an explosive move.
• The meme coin’s price has been in a multi-year downtrend.
• Daily technical indicators show that DOGE is ready to make a bullish move.

The price of the meme coin, Dogecoin (DOGE), is showing early signs of a potential explosive move after the end of a multi-year downtrend. Investors need to keep an eye on DOGE as it attempts another rally.

DOGE’s price was on a steady downtrend after it established an all-time high (ATH) at $0.739 in May 2021. Furthermore, a trend line connecting the meme coin’s swing highs showed that DOGE was in a steady decline, subsequently hammering every bullish attempt.

Come late October, things changed for DOGE as its price rallied 163% in under two weeks – shattering the multi-year downtrend. After setting up a local top at $0.158, DOGE slid 55% and formed a higher low at around $0.07713.

The new higher low was followed by a 56% upswing, where DOGE’s price faced resistance at $0.109.