Dogecoin (DOGE) has shown impressive strength and garnered significant attention in a substantial price rally. In the last week, DOGE has recorded incredible gains of more than 32%. At the time of writing, DOGE is priced at $0.214940, with a 24-hour trading volume of $10.59 billion and a market capitalization of $30.88 billion. In the past 24 hours alone, the value of DOGE has risen by 3.60%.
Dogecoin (DOGE) Potential to Reach $0.30
Renowned crypto analyst Rekt Capital has offered an optimistic assessment regarding the trajectory of Dogecoin’s price. His analysis reveals that Dogecoin has passed the bottom of its macro downtrend, indicating a significant market sentiment change. This marks the transition into a new macro uptrend, implying that DOGE can perform better in the future.
Rekt Capital highlights a key zone in DOGE’s price action: around $0.20, an important level historically considered to be a support area. The analyst opines that a monthly close higher than this crucial level would be a major milestone for DOGE. Such development would indicate renewed confidence within the market and retesting of a major support zone.
Moreover, if this level is broken, according to Rekt Capital’s analysis, it might trigger a further increase in price. By regaining this historical support, there could be more impetus for Dogecoin, leading to the price moving past around towards approximately $0.30 and beyond.
Dogecoin’s Technical Breakout and Potential Target
Another cryptocurrency analyst has unveiled an intriguing technical pattern on DOGE’s charts. Before the recent surge in the price of DOGE, the analyst had noted a potential inverse head and shoulders pattern. It is important to note that this pattern usually suggests a reversal, which means moving from bearish to bullish market sentiments.
The analyst points out their accurate forecast, showing that their observation about an inverse head and shoulders pattern was indeed farsighted. Consequently, there is now a breakout on Dogecoin’s USD and BTC pairing charts. This breakout indicates strong upward momentum for the price of Dogecoin.
Additionally, the crypto analyst says that if Bitcoin (BTC) maintains its existing strength, it will support Dogecoin’s bullish trend further. In cryptocurrency marketplaces like Bitcoin plays an important role, and its stability or strength is often associated with other digital currencies’ fortunes.
The analyst’s target is the “golden pocket” around $0.28 for Dogecoin. The term “Golden Pocket” is derived from Fibonacci retracement levels based on Fibonacci sequences and refers to a key level of technical support or resistance.
Overall, the analyst’s observation of the inverse head and shoulders pattern and the breakout on the USD and BTC charts suggests a favorable outlook for Dogecoin’s price. As the golden pocket indicates, if Bitcoin continues to hold its ground, DOGE could reach the target level of around $0.28.
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