Despite enduring a recent downturn alongside other major cryptocurrencies like Bitcoin, Dogecoin (DOGE) is now showing signs of a bullish resurgence.
Earlier this week, the prominent meme token dipped to as low as $0.1140, marking its lowest point since February. Reports of significant DOGE holdings being transferred to exchanges sparked fears of a potential sell-off, but the price managed to rebound, with bullish investors staunchly defending the critical support level between $0.12 and $0.13.
Now, as Dogecoin stabilizes around this pivotal range, various analysts and market observers have pointed to a series of technical indicators suggesting that Dogecoin could be on the verge of a major breakout, suggesting the potential for substantial gains ahead. This optimism comes amidst a broader market recovery, with cryptocurrencies showing signs of renewed investor interest.
On Saturday, crypto analyst “CryptoAM17” expressed a bullish outlook for Dogecoin, predicting imminent upward movement with an ambitious 700% surge in price to $1.
“DOGE will have lift-off soon. Last bull top was $0.75. There is no way that doesn’t get taken out this bull cycle. First target $0.35. $1 will come too. No doubt,” wrote the pundit, underscoring the token’s current strong support level of around $0.125.
Elsewhere, on Saturday, “Trader Tardigrade” highlighted the recent daily Relative Strength Index (RSI) for DOGE, indicating an oversold condition as it dipped to 30 on the daily chart. Comparing this to October 2023, when DOGE’s RSI hit similar levels and subsequently surged from under $0.06 to $0.22, the analyst suggested a potential for over 300% growth once again, emphasizing the current opportune moment for investors.
Just recently the pundit emphasized that Dogecoin had entered its final consolidation phase, typically a precursor to substantial price movements. He outlined a tringle pattern, suggesting that a breakout could lead to Dogecoin soaring to as high as $7.5 in the near term.
Meanwhile, other analysts have echoed similar sentiments, citing Dogecoin’s resilience and historical price patterns as indicators of future price movements. Javon Marks, another crypto analyst, recently suggested that Dogecoin could reach $17 or more based on its past breakout trends, underscoring the bullish sentiment prevailing among market experts.
“The trend says a more than 4X to New All-Time Highs and perhaps much, much greater! According to this breakout trend, a >$10 DOGE may be on the way…” he recently tweeted.
At press time, DOGE was trading at $0.1182, reflecting a 4.72% decline over the past week.
