Several analysts believe that the popular dog-themed meme coin Dogecoin (DOGE) shows incredibly positive signs in this market cycle. Despite witness serious declines In the past few months, a certain analyst has predicted a huge bullish breakout to $0.24. He has created a chart that shows how DOGE price is expected to gradually rise to reach this expected target.
Dogecoin Eyes $0.24 Mark
The price of Dogecoin has been hovering around $0.1 for a while now. experience a high degree of instability characterized by slight gains and unexpected declines. On X (formerly Twitter), popular crypto analyst Ali Martinez identified two key signals that could indicate a bullish breakout for Dogecoin is imminent.
Looking at his DOGE chart for 2024, Martinez also revealed five price targets for Dogecoin. The analyst’s chart outlines a stable upward trajectorywith Dogecoin gradually reaching four of these targets before potentially reaching the top and the fifth point at the $0.24 mark. The analyst expects the price of DOGE to rise from $0.1 to $0.125, $0.135, $0.16, $0.18 and finally $0.24.
For a Dogecoin Bullish Breakout Martinez urged investors to pay attention to two key signals, as they see them as indicators that could lead the cryptocurrency to its maximum value. projected target price of approximately $0.24.
Martinez revealed that the first key signal, namely the Relative Strength Index (RSI)is now breaking the descending trendline in the DOGE daily chart. An RSI is a technical indicator that measures the momentum, whether bullish or bearish, of a cryptocurrency’s price movements.
Breaking a descending trend line, which is a weakening momentum, suggests that Dogecoin shifts from bearish to bullishThis indicates that investors may be showing renewed interest in the cryptocurrency, with buyers are starting to gain momentum.
The second major signal is a resistance level at $0.11. Martinez indicated that if DOGE can break new resistance levels around the $0.11 price line, it could indicate strong upward momentum ahead, potentially leading to a price increase.
Other analysts share similar sentiments
A new crypto analyst, identified as ‘Crypto Tapper’ on X, also believes that Dogecoin is gearing up for a significant bullish breakout. Crypto Yapper has based his optimistic predictions on a recent falling wedge formation found on the daily Dogecoin chart.
The analyst revealed that the Dogecoin wedge formation reached its peak, signaling a possible price increase in the future. He also announced that the trend line resistance was earlier rejected DogecoinHowever, the cryptocurrency is now on track to break out of the bearish territory and possibly reach a price target of $0.20.
Main image created with Dall.E, chart from Tradingview.com