Various analysts think that the popular doggy-themed meme coin Dogecoin (DOGE) is showing incredibly bullish signs this market cycle. Despite witnessing severe declines in the past few months, a particular analyst has predicted a massive bullish breakout to $0.24, providing a chart representation illustrating how the price of DOGE is expected to rise gradually to hit this projected target.
Dogecoin Eyes $0.24 Mark
The price of Dogecoin has been trading around the $0.1 mark for a while now, experiencing high instability marked by slight gains and unexpected declines. On X (formerly Twitter), popular crypto analyst Ali Martinez identified two key signals that could indicate that a bullish breakout for Dogecoin was imminent.
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Looking at his DOGE chart for 2024, Martinez also disclosed five price targets for Dogecoin. The analyst’s chart outlines a steady upward trajectory, where Dogecoin could gradually hit four of these targets before potentially reaching the top and fifth mark at the $0.24 mark. The analyst expects DOGE’s price to rise from $0.1 to $0.125, $0.135, $0.16, $0.18, and finally $0.24.
For a Dogecoin bullish breakout to occur, Martinez has urged investors to watch out for two key signals, seeing them as indicators that could lead the cryptocurrency to its maximum projected price target of around $0.24.
Martinez revealed that the first key signal, which is the Relative Strength Index (RSI), is now breaking the descending trend line 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 out of a descending trend line, which is a weakening momentum, suggests that Dogecoin is shifting from bearish to bullish. This indicates that investors could be showing renewed interest in the cryptocurrency, with buyers starting to gain strength.
The second key signal is a resistance level at $0.11. Martinez has indicated that if DOGE can surge past new resistance levels around the $0.11 price mark, it would suggest that a strong upward momentum was on the horizon, potentially leading to a price rally.
Other Analysts Share Similar Sentiments
A new crypto analyst, identified as ‘Crypto Tapper’ on X also believes that Dogecoin is getting ready for a significant bullish breakout, Crypto Yapper has based his optimistic projections on a recent falling wedge formation found on the daily Dogecoin chart.
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The analyst revealed that the Dogecoin falling wedge formation was reaching its apex, signaling a potential price surge in the future. He also disclosed that the trend line resistance had previously rejected Dogecoin, however, now the cryptocurrency is on track to break through the bearish territory and potentially reach a price target at $0.2.
Featured image created with Dall.E, chart from Tradingview.com