In general, the latest crypto analysis of Dogecoin (DOGE) still shows bullish momentum, breaking through the descending trend line. If Bitcoin (BTC) remains above US$65,000, DOGE could rise 15 percent to US$0.18. Currently, DOGE is trading above US$0.15, with bullish indicators such as the Relative Strength Index (RSI) and Awesome Oscillator showing strength.
Further upside above US$0.16 could target US$0.18, and possibly US$0.20. However, a drop below US$0.12 would invalidate the bullish scenario, potentially dropping DOGE to US$0.11. Investors should pay attention to key support and resistance levels for profit taking or continued growth.
Dogecoin itself has lagged relatively behind other memecoins over the last two weeks. However, a number of analysts predict significant upside for this native dog-themed token in the near future.
On Thursday (23/5/2024) at X, popular crypto trader, Kevin, for example, highlighted the inverse head and shoulders pattern, noting consolidation around the neck line.
Technical analysts often interpret this formation as an indicator of a potential reversal of a downtrend. The neck line functions as a resistance level that must be broken to confirm this pattern.
Kevin predicts DOGE will rise in the next 2-3 days, with the potential to reach US$0.22, which would represent an increase of 32 percent from current levels.
