Dogecoin, the popular meme coin, is showing signs of continued bullish momentum as a crypto analyst predicts a potential breakout towards the $0.74 all-time high. This significant price surge is expected to occur after Dogecoin’s consolidation phase following its recent rally above the $0.4 level.
A recent analysis published on TradingView discusses Dogecoin’s price action and its potential to rally towards the $0.74 all-time high. According to the crypto analyst, Linda, Dogecoin is currently consolidating after experiencing a substantial price increase, taking advantage of the market hype. This consolidation phase is typical after a significant price rally as the market stabilizes and the cryptocurrency prepares for its next move.
Linda has identified the range between $0.45 and $0.46 as the trigger level for the continuation of the Dogecoin price rally. Breaking above this key range could significantly increase the chances of Dogecoin reaching the $0.74 all-time high.
Despite Bitcoin’s recent drop from its all-time high, Dogecoin remains unaffected by the market noise, showcasing its resilience. The analyst reveals that Dogecoin continues to experience intense buying activity from large investors, known as “whales,” indicating strong demand and potential for future price growth.
An Ascending Triangle is currently forming on Dogecoin’s 4-hour chart, with the meme coin consolidating above the MA-50, signaling strong buyer interest and potential upward momentum. Key resistance levels at $0.45, $0.463, and $0.48 have been identified, with crucial support levels between $0.422 and $0.4. The analyst also mentions the possibility of Dogecoin retesting the MA-50 or one of the support levels before its upward movement.
Another crypto analyst, known as the “Cantonese Cat,” has suggested that Dogecoin could experience a rapid rally to new all-time highs. The analyst points out that Dogecoin has closed three consecutive weeks above the 0.786 Fibonacci level, indicating the potential for a higher price. The analyst forecasts that Dogecoin could quickly rise to $1 or even $2 if it maintains its bullish momentum.
As of writing, Dogecoin is trading at $0.43, reflecting an impressive 107% price increase over the past month. With positive indicators and strong market sentiment, Dogecoin is poised for potential growth and a push towards its all-time high. Investors and traders are closely watching Dogecoin’s price movements as it continues its bullish momentum in the crypto market.
