Dogecoin It is believed to increase significantly in the current market cycle to new levels due to past trends, with each cycle’s performance being greater than the previous one. As the community awaits the rally, one crypto analyst has highlighted several exit points for investors in order to avoid substantial losses.
Dogecoin Profit Zones at Bold Levels
With Dogecoin showing potential for a breakthrough in this bull cycle, determining an ideal entry and exit point is crucial to weathering incoming volatility. As a result, Trader Tardigrade, a trader and market expert, has offered Critical navigation tips for investors when outlining key profit-making areas for DOGE.
This cautionary post comes in light of increased attention towards Dogecoin among traders and investors, and its recent bullish price momentum has attracted large capital inflows. Furthermore, the strong optimism of these investors reinforces DOGE’s position as the leading meme coin in the cryptoasset market.
Trader Tardigrade’s ideas depend on the breakout of the last cycle, which caused a major rally to a market peak and a new all-time high for DOGE. Given the possibility that the trend will repeat itself in this cycle, the market expert has placed his profit-taking zones for the same corner between $10 and $30.
“Based on the latest cycle, this could suggest that your target for DOGE in the current cycle,” he stated. Therefore, Trader Tardigrade has urged investors to start taking profits at the $10 price level as the rally progresses, indicating its confidence in the meme coin’s potential to reach the $10 to $30 mark.
Expert Belief in an Imminent Big Rally for Dogecoin Is Broader reinforced for a record monthly close in November, generating excitement and speculation about a prolonged bull run within the community.
In November, Dogecoin saw a huge candle that went from a low of $0.142 to a high of $0.480, indicating a notable rise of over 237% in the month alone. Because of this, Trader Tardigrader claims that the first candle of the bullish rally has just lit, underscoring a powerful start for the dog-themed meme coin.
Will DOGE bullish momentum continue?
Dogecoin has been one of the best-performing digital assets in the current bull market. During the last weeks, DOGE has posted significant gains, raising the possibility of further price growth.
Although the meme coin saw a drop to the $0.39 mark on Monday, it has started to rise once again, attracting an increase of almost 2% in the past day. Meanwhile, in the last week and month, the meme coin rose by more than 9% and 178%, respectively.
Several key factors, such as persistent whale accumulations and speculation over the possible integration of DOGE into the upcoming X Payments, may have triggered its notable rally in the ongoing cycle.
Featured image from Unsplash, chart from Tradingview.com
