Cryptographic analyst Tardigrade Trader has provided information on the current Dogecoin price action. The analyst revealed that Dogecoin is currently stuck in a range amid the recent cryptocurrency market crash and suggested what could happen if the top meme coin breaks out of this range.
Dogecoin price stuck in a range, what could happen next?
In an X post, Trader Tardigrade claimed that Dogecoin price is moving in a range. The analyst added that a breakout of the range could continue DOGE’s bullish trend. The analyst’s accompanying chart showed that Dogecoin could finally reach the long-awaited Psychological price of 1 dollar. level when this bullish trend continues.
This will mark a new all-time high (ATH) for the price of Dogecoin, whose current ATH is around $0.73. The chart also showed that this projected rally to $1 could occur before the end of the year. This will undoubtedly cap a perfect end to the year for Dogecoin, which has already enjoyed a year-to-date (YTD) gain of over 245%.
In an X post, the crypto analyst explained why a bullish reversal could be imminent for Dogecoin price. He claimed that the Dogecoin diary Relative Strength Index (RSI) has fallen back into a possible rebound zone. The analyst further noted that at this RSI level, DOGE hit a local low of $0.095 in early September, followed by a parabolic rally to $0.48. If the top meme coin were to replicate this price gain, then it could reach $1.35 from its current level.
Trader Tardigrade continues to provide a bullish outlook for Dogecoin price. In another post by X, he stated that Dogecoin’s rise in each cycle follows a two-step jump. In line with this, the crypto analyst stated that the reasonable projection for Dogecoin’s top in this market cycle It is between $3 and $4.
An Analysis of the DOGE Price Correction
In a post X, crypto analyst Kevin Capital provided an in-depth analysis of the Dogecoin price correction, which has been going on for over a month. The analyst noted that Dogecoin had the weekly golden cross heading into the election period, but never experienced a pullback like it did in the 2021 bull run when this weekly golden cross occurred.
Kevin Capital believes that the current pullback is what the Dogecoin price should have seen back then, which is common when they receive these golden crosses. The analyst further noted that Dogecoin recorded three 50% corrections in the last confinement on the way to a bicycle summit.
As such, historically, the crypto analyst stated that if Dogecoin price takes advantage of the structured macro support and the golden macro pocket, that would represent a correction of approximately 45% and would be enough for DOGE to resume its uptrend. The analyst added that he would only start to worry if Dogecoin loses the $0.26 level on a weekly close.
At the time of writing, Dogecoin price is trading at around $0.30, down more than 14% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
