Crypto analyst Trader Tardigrade has shared insights into the current price action of Dogecoin. According to the analyst, Dogecoin is currently trading within a range amidst the recent crypto market crash. Trader Tardigrade also speculated on what could happen if Dogecoin breaks out of this range.
In a recent post, Trader Tardigrade mentioned that Dogecoin’s price movement is confined within a range. The analyst suggested that a breakout from this range could potentially continue the upward trend for DOGE. A chart accompanying the analysis indicated that Dogecoin might reach the significant psychological price level of $1 if this uptrend persists.
This anticipated price level would mark a new all-time high for Dogecoin, surpassing its current ATH of around $0.73. The chart also hinted that this rally to $1 could materialize before the end of the year, culminating in a successful year for Dogecoin with a year-to-date gain of over 245%.
Trader Tardigrade further elaborated on why a bullish reversal could be on the horizon for Dogecoin. The analyst pointed out that Dogecoin’s daily Relative Strength Index (RSI) has retraced to a potential rebound zone. Drawing parallels to a previous price movement, where DOGE surged from $0.095 to $0.48, Trader Tardigrade speculated that a similar gain could propel Dogecoin to $1.35 from its current level.
Continuing the optimistic outlook, Trader Tardigrade highlighted a two-step jump pattern in Dogecoin’s price surge during each cycle. Based on this pattern, the analyst projected a potential price range of $3 to $4 for Dogecoin in the current market cycle.
Shifting focus to an analysis of DOGE’s price correction, crypto analyst Kevin Capital delved into the prolonged correction in Dogecoin’s price over the past month. Kevin Capital noted that despite a weekly golden cross occurring towards the election period, Dogecoin did not experience a pullback as expected during the 2021 bull run with a similar golden cross.
The analyst highlighted that Dogecoin encountered three 50% corrections in the last bull run on its way to a cycle peak. Kevin Capital suggested that historically, a 45% correction to the macro structured support and the macro golden pocket could be sufficient for Dogecoin to resume its upward trajectory. The analyst expressed concern only if Dogecoin were to drop below the $0.26 level on a weekly closing basis.
At the time of writing, Dogecoin was trading around $0.30, reflecting a decline of over 14% in the past 24 hours according to data from CoinMarketCap. The article also featured a chart from Tradingview.com showcasing Dogecoin’s price plunge.
In conclusion, both Trader Tardigrade and Kevin Capital provide valuable insights into the potential price movements of Dogecoin, highlighting key support levels, historical trends, and bullish projections. As the crypto market remains volatile, these analyses offer a glimpse into the possible future scenarios for Dogecoin investors and enthusiasts.
