Dogecoin (DOGE) may replicate the XRP legend, breaking through $1.15 to reach the peak of wealth?
The market maintains a bullish stance on Dogecoin, with recent analysis indicating that its price trend is similar to the recent surge of XRP.
Despite a slight decline of 3.34% in Dogecoin since December, its price remains above $0.40. Following a 160% surge in November, it is expected that this meme coin will again see a significant increase, potentially rising to $1.15.
In a recent report, Dogecoin's current trend is similar to XRP's performance over a short period. In comparison, XRP surged by 52% in the past week, recovering the $2 mark for the first time in nearly seven years.
It is noteworthy that Dogecoin may replicate a similar upward trend. Charts confirm the formation of a low point, with Dogecoin maintaining previous resistance levels as support. This phase indicates a classic movement pattern, suggesting that the upward momentum may continue.
The $0.48 level is an important pivot point, while the $0.55 area aligns with the 1.618 Fibonacci extension line. This is the next major resistance area, and the $0.66 level represents a long-term upward target of the 2.618 extension line.
Meanwhile, Dogecoin presents a daily ascending triangle structure. The chart shows that Dogecoin is trading within an upward-sloping trend line and the resistance level of $0.43.
Interestingly, this bullish continuation pattern indicates that buyer interest is steadily increasing near the support level. A daily closing price above $0.43 is crucial to confirm the recent breakout. Hours later, DOGE recorded this breakout.
After the breakout, a retest of the $0.43 level may occur to validate the support. If successful, the retest could lead to further price increases. However, at the time of writing, DOGE has fallen below $0.43, currently trading at $0.4046, defending the $0.40 support level.
Recently, the RSI rebounding from the oversold area led to a significant price increase of 40% and 200%, with each subsequent rebound accompanied by increasing intensity.
If this trend continues, Dogecoin could rise by over 200%, with a target price exceeding $1.15. This trend will resonate with Dogecoin's historical performance.
