Interested in Dogecoin appears to be on the rise again, with the meme coin demonstrating the potential for another notable price surge, capturing the attention of investors and crypto enthusiasts as they anticipate a massive run-up to a new all-time high in the ongoing market cycle.
Dogecoin going to reach a new peak in the next parabolic run?
As Dogecoin gears up for another step forward, Trader Tardigrade, a market expert and crypto content creator, has predicted a looming price increase for DOGE that could push the crypto asset to a new all-time high, creating optimism within the community about its near-term capacity.
Trader Tardigrade’s bold prediction, shared on the X platform (formerly Twitter), implies that DOGE’s next rally could see the meme coin surpass its previous peaks, taking into account indicators and price trends from previous market cycles. It is worth noting that the market analyst expects a rebound as DOGE hits key Fibonacci ranges, paving the way for a rocket-like price rally.
According to Trader Tardigrade, Dogecoin has currently settled into the Fibonacci range between 0.618 and 0.88, a zone where DOGE entered a consolidation phase for several weeks as a stage station during the 2018 to 2021 market cycle.
In the event that Dogecoin breaks out of the zone, the analyst is confident that the meme coin is “on track for a rocket ride” to a new all-time high, reflecting the crypto asset’s resilience over past cycles. Meanwhile, he claims that the current price spike is just the first station, noting that DOGE still has a long way to go.
This prediction comes in light of a common belief about this Dogecoin’s path to the $1 milestone in the ongoing cycle. With the current all-time high at $0.7 being mentioned as the first station at which DOGE takes the expected rocket ride to new highs, the $1 mark could be much closer than we think.
Trader Tardigrade too noted that Dogecoin’s expected price rally is receiving critical support from the mid-band of the Gaussian Channel, a technical indicator often used to examine momentum and price patterns.
The emergence of this bullish trend, which has often preceded huge rebounds, marks the third time in history. The expert thinks that DOGE will witness this price action after this price action an incredible pumppossibly to a new peak.
DOGE regains its upward momentum
After experiencing a brief relapse, DOGE is currently showing signs of recovery, indicating renewed upward momentum. This newfound strength has led to strong positive sentiment as massive amounts of capital have flowed into digital assets in recent days.
At the time of writing, Dogecoin is gradually approaching the price level of $0.40 with a daily increase of approximately 5%. Trading volume is up nearly 26% in the past day, indicating growing investor confidence in the meme-inspired cryptocurrency.
Featured image from Unsplash, chart from Tradingview.com