DOGE has skyrocketed more than twice last month and is currently taking a breather, but it seems like it's gearing up again.
From the low in November to the high in December, the price surged to $0.48. Although it has dipped a bit recently, today it has bounced back to $0.3244, feeling like it's coming back to life.
There is an analyst named @TATrader_Alan who has been looking at charts for many years. He says that before Dogecoin makes a big jump, it always has to 'retest' first to see if the support below is stable. This happened in 2017 and 2020, and after the retest, the price soared. This time is no different; Dogecoin has returned to the key level of $0.32, which is similar to before.
If this 'retest' is like the previous ones, then Dogecoin might start flying again, possibly reaching $4.5! That's what the analyst said.
Looking at Dogecoin's chart, it is currently in a descending wedge, which is a signal to rise. The price has dropped from $0.48 to $0.26 and has now bounced up from the bottom of the wedge, breaking through the resistance at $0.32, indicating a momentum build-up.
The MACD indicator also shows that buying power is getting stronger, with the line crossing above the signal line, which is a good sign.
Next, if Dogecoin can maintain this momentum and break through the two levels of $0.41 and $0.48, it might just charge towards the psychological barrier of $0.5.
Overall, Dogecoin seems to be heating up again. The analyst said that after this 'retest,' a big surge might follow. The technical indicators are also quite strong, and historical patterns support this. However, the market can change quickly, so everyone should be cautious and do more research before investing. Whether Dogecoin can shine again, let's wait and see!
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