After Dogecoin experienced a sharp rise in the past few weeks, although the gains have slowed down, the positive development of its price still triggered widespread attention and speculation in the market. Some cryptocurrency analysts predict that Dogecoin may be on the verge of a significant rally, with the potential to even break out to new all-time highs.
Can Dogecoin hit a new all-time high?
In the cryptocurrency community, the potential for new highs in Dogecoin’s ongoing bull cycle has sparked strong optimism and confidence, especially as some predictions for the long-awaited rebound have quickly emerged. Trader Tardigrade, a market expert and investor, recently made a bullish prediction for Dogecoin’s future trend, suggesting that Dogecoin could rise by 200% in the coming weeks.
Tardigrade pointed out that technical indicators such as the relative strength index (RSI) showed strong upward signals, indicating that Dogecoin is expected to see a significant price rebound and set new highs. His prediction reflects the change in market dynamics, not only retail investors, but also institutional investors are adjusting their positions in preparation for future gains.
Specifically, market experts pointed out that the key technical indicator RSI has rebounded from the oversold zone on the 4-hour chart of Dogecoin. This upward trend shows that the bullish momentum of Dogecoin remains strong, especially as a meme coin, it is expected to re-break through multiple important price ranges, regain lost ground and continue to move higher.
It is worth noting that Dogecoin’s recent RSI rebound has brought 40% and 200% gains, and the current rally is still gaining strength. This strong momentum may mean that Dogecoin is about to usher in a larger rebound.
Therefore, trader Tardigrade is optimistic about the prospects of Dogecoin. He believes that Dogecoin may experience a 200% or even higher increase and eventually break through its historical high. Experts set the next price target at the important milestone of $1.15.
The recovery of RSI indicates that the market buying interest is recovering, which may lead to further price increases. At this time, traders and investors are closely monitoring whether the trend will reverse in order to adjust their investment strategies according to market dynamics.
DOGE could see a bigger rise
Tardigrade also mentioned that another key technical indicator supporting the rise of Dogecoin is the Moving Average Convergence Divergence (MACD). This indicator helps identify the market’s trend, momentum, and potential buy or sell signals.
When analyzing DOGE's recent price action, especially the 4-hour chart, Tardigrade noted that the MACD has formed a golden crossover signal below the zero line. This usually means that the short-term moving average breaks through the long-term moving average, indicating that market momentum is likely to turn in a more favorable direction.
This development has great implications for the future trend of Dogecoin. If this trend continues in the coming days, Dogecoin could usher in a new bull run, further pushing up prices and driving the meme coin to new highs.