A hidden Bullish Divergence pattern has recently been spotted on the Dogecoin price chart, indicating the potential for a significant uptrend. This discovery has led a crypto analyst to project a target price of $0.7 for Dogecoin.
On November 20, crypto analyst Trader Tardigrade announced the presence of a hidden bullish divergence on the Dogecoin 4-hour Relative Strength Index (RSI) chart. This unique technical indicator suggests that Dogecoin may be gearing up for a notable rally to the upside.
An RSI hidden bullish divergence occurs when a cryptocurrency’s price forms higher lows while its RSI forms lower lows. Despite Dogecoin’s RSI showing declining momentum, the price is still holding strong, indicating a higher potential for an uptrend continuation.
In recent weeks, Dogecoin has experienced a significant bullish run, soaring from above $0.1 to over $0.35. This surge has allowed the meme coin to test the critical $0.4 resistance level, which could trigger a substantial rally for the Dogecoin price.
Trader Tardigrade’s Dogecoin chart shows the RSI Hidden Bullish Divergence forming around the $0.37 price level. The analyst has set a bullish target at $0.7 for Dogecoin, predicting steady growth from its current price if positive momentum is maintained.
As of the latest data, Dogecoin is trading at $0.38, marking a 165.19% increase over the past month. If the projected positive growth driven by the Hidden Bullish Divergence materializes, Dogecoin could see an 84.2% price surge from its current value, potentially reaching or surpassing its All-Time High (ATH) of $0.73 from May 2021.
Crypto analyst Steph has also expressed optimism about Dogecoin’s price, suggesting that the meme coin could target a new ATH between $1.4 and $1.8. This bullish outlook aligns with a 2-year Dogecoin price chart, indicating a potential rally before the end of 2024 or in 2025.
The anticipated surge to a new ATH for Dogecoin could be influenced by factors such as Elon Musk’s involvement through the Department of Government Efficiency (D.O.G.E) and Donald Trump’s upcoming inauguration as the 47th US President. These events could serve as catalysts to propel the Dogecoin price higher.
Overall, the technical analysis and projections for Dogecoin point towards a positive trajectory, with the potential for significant price increases and a new ATH in the near future. Investors and enthusiasts alike will be closely monitoring the developments in the Dogecoin market to capitalize on these opportunities.
