Dogecoin price shows signs of continued bullish momentumas one crypto analyst has predicted a possible breakout towards the all-time high of $0.74. This major price increase is expected to come after the meme coin’s consolidation phase, which began after its recent rally above the $0.4 level.
Dogecoin Price Eyes Rebound from $0.74 ATH
A recent analysis published on TradingView discuss Dogecoin price action and its potential to rise towards the $0.74 ATH. According to Linda, a crypto analyst, Dogecoin is taking advantage of the market hype and now consolidating after experiencing a substantial price increase. This behavior is typical after a major price rally as the market stabilizes and the cryptocurrency prepares for the next bullish leg.
RLinda has noted the range between $0.45 and $0.46 as the trigger level for the continuation of Dogecoin price rally. The analyst highlighted that if Dogecoin can break through this key range, it has a significantly higher chance of reaching the ATH of $0.74.
Although The recent crash of Bitcoin From its ATH of $103,000, TradingView analyst reveals that Dogecoin price is not affected or affected by market noise. Typically, major meme coins, such as Dogecoin, tend to follow market trends, often declining due to broader market volatility and skyrocketing in favorable conditions.
According to RLinda, Dogecoin continues to experience intense buying activity by large investorsAlso called “whales”. This increase in whale purchases is considered a positive sign for Dogecoin’s performance, indicating potential for future price growth.
More importantly, a Ascending triangle It is currently forming on Dogecoin’s 4-hour chart, with the meme coin consolidating above the MA-50, indicating strong buyer interest and potential for a follow-through. upward momentum. RLinda has identified key resistance levels at $0.45, $0.463, and $0.48 for Dogecoin price. Furthermore, the analyst mentions that price levels between $0.422 and $0.4 will be a crucial support area for Dogecoin.
The TradingView analyst has also mentioned the possibility of Dogecoin retests the MA-50 or one of the previous support levels before it begins its upward movement. In particular, if the bulls can maintain their defense above resistance levelscould trigger strong price growth to the next level. According to the analyst price chart, the next projected price target for Dogecoin is around $0.59.
Analyst Says DOGE Could Hit $2 Quickly
A crypto analyst identified as the “Cantonese cat” on X (formerly Twitter) has suggested that Dogecoin could experience a hasty rally towards new all-time highs. The analyst has revealed that Dogecoin price has closed three consecutive weeks above the 0.786 Fibonacci level, indicating that a Higher price possible.
Analyst predicts that Dogecoin could experience a rapid and unexpected go up to $1 or even $2 if it maintains its bullish momentum. At the time of writing, Dogecoin price is trading at $0.43, reflecting an impressive 107% price increase over the past month.
Featured image created with Dall.E, chart from Tradingview.com
