Dogecoin (DOGE): Hidden 8100% Beast of Growth, is the $30 Threshold Within Reach?
Currently, the price chart of Dogecoin is strikingly similar to the period between 2020 and 2021. During that time, the token first formed two bottom patterns and then successfully broke through a descending channel.
Looking back to 2020, Dogecoin's trading price was at $0.002452, after which it began a remarkably substantial upward trend. The same happened in 2021, leading to an astonishing increase of 3,366% in Dogecoin's price.
Coincidentally, as of now, we can clearly see that Dogecoin has once again formed two bottoms and a descending channel in the market.
This undoubtedly indicates that in the coming weeks, Dogecoin is very likely to repeat its breakthrough trend, continuing its price legend, as investors are eagerly watching and closely monitoring the subsequent evolution of market dynamics.
Currently, Dogecoin's trading price is approximately $0.31, having previously declined from the $0.40 range.
However, some analysts predict that Dogecoin is expected to rise significantly to $30. If it truly reaches this price point, current holders of Dogecoin could reap as much as 8,158% in profits.
The current price trend aligns with historical trends, which includes the horizontal consolidation pattern that typically occurs before a strong rebound. Therefore, it is anticipated that Dogecoin will also experience a similar rebound scenario.
Dogecoin's price could potentially be in the range of $3 to $15, which may be influenced by its collaboration with Arkham Intelligence.
After a recent decline, Dogecoin's price hovers around $0.31, caught in consolidation. This price can be seen as a short-term pullback within a long-term upward trend. In the weekly chart, the technical indicators are in a descending channel, which often signals a subsequent upward breakout.
From a bullish perspective, its 4-hour RSI is 20.90, indicating oversold conditions, far below the 50 midpoint, showing increased selling pressure. Generally, an RSI below 30 tends to lead to a bullish reversal, as this represents an oversold asset.
