Supporters of Dogecoin are currently expressing their jubilation at a notable surge of 35% in value witnessed over the course of the previous month. Although the mentioned development is really positive, it is worth noting that other cryptocurrencies such as Solana, Chainlink, and Cardano (ADA) have exhibited superior performance during the corresponding period, with respective rises of 170%, 118%, and 55%.
Based on the analysis of a cryptocurrency expert, it is argued that the upward momentum of DOGE has not yet concluded, as the current price movement indicates that the cryptocurrency is approaching a potentially favorable breakout.
A crypto analyst has verified the occurrence of a breakout in Dogecoin.
According to crypto researcher Rekt Capital, Dogecoin has successfully surpassed a falling channel pattern. The confirmation of this statement was made by the analyst in a recent post on the social media site X. Rekt Capital has been diligently monitoring the meme token through a sequence of postings inside a thread since August, providing periodic updates about its price fluctuations on a 1-week DOGE/USD chart.
An analysis of the price movement depicted on the chart reveals that Dogecoin has exhibited a descending trend from the last quarter of 2022. Subsequently, DOGE has exhibited a pattern of declining peaks and troughs within the confines of the trendlines, signifying the prevailing dominance of bearish sentiment in the market. However, a shift in the situation occurred in mid-October, and a significant breakthrough beyond the upper boundary of the channel became evident.
As of the present moment, the meme token has exhibited a sequence of four consecutive bullish candles subsequent to its recovery from the lower boundary of the channel. Rekt Capital has previously stressed the significance of a weekly close above the channel as it would solidify a change in trend. This is due to the observation that, in the last year, the cryptocurrency has only exhibited deceptive wicks at this particular juncture. The confirmation of a breakthrough over the resistance trendline has been established subsequent to a brief retest.
What are the future prospects for Doge?
According to Rekt Capital's prior research, the price increase is projected to occur if there is a significant breakout above the maximum high of the channel, namely at a value somewhat above $0.15. The current trade price of Dogecoin is at $0.07827, exhibiting a notable increase of 39% from reaching its lowest point in October. A potential increase to $0.15 would signify a growth of more than 90% relative to its present value, and a growth of 163% compared to its lowest point in October.
DOGE finally broke over the $0.076 level a few days ago as whales worked tirelessly to push the meme coin to a rally. According to statistics provided by IntoTheBlock, it has been seen that a substantial amount of capital, above $2 billion, has been infused into the cryptocurrency known as DOGE within a span of 30 days. The prevalence of social dominance is also increasing inside the realm of social media, so suggesting a prevailing optimistic feeling in the near future. The unnamed crypto expert, Kaleo, says that a more robust rise will ensue if DOGE surpasses the $0.08 threshold.