Dogecoin is expected to rise significantly in the ongoing market cycle to new levels due to past trends, with each major cycle's performance surpassing the previous one. While the community awaits the price surge, a cryptocurrency analyst has highlighted several exit points for investors to prevent significant losses.
The profit-taking zones for Dogecoin are at bold levels.
With Dogecoin showing strong bullish potential in this upcycle, identifying ideal entry and exit points is crucial for navigating the upcoming volatility. Therefore, Trader Tardigrade, a market expert and trader, has provided investors with important navigation advice by outlining key profit-taking zones for DOGE.
This warning post comes amid increasing attention towards Dogecoin among traders and investors, with the recent bullish momentum attracting significant capital inflows. Furthermore, the strong optimism from these investors reinforces DOGE's position as the leading meme coin in the cryptocurrency asset market.
Trader Tardigrade's assessment revolves around the breakout of the previous cycle, which caused a major bull run peaking in the market and a new all-time high for DOGE. With the possibility of the trend repeating in this cycle, the market expert has set his profit-taking zone for this meme coin in the range of $10 to $30.
"According to previous cycles, this could suggest your target for DOGE in the current cycle," he stated. Therefore, Trader Tardigrade has urged investors to start taking profits at the $10 price level while the bull run is ongoing, indicating his confidence in the potential of this meme coin to reach between $10 and $30.
The expert's belief in a major upcoming price surge of Dogecoin is further reinforced after a record-breaking monthly close in November, sparking excitement and speculation about a prolonged bull run in the community.
In November, Dogecoin witnessed a large candle moving from a low of $0.142 to a high of $0.480, showing a significant increase of over 237% in just that month. Consequently, Trader Tardigrader claims that the first candle of the recent bull run has just been lit, emphasizing a strong start for this dog-themed meme coin.
Will DOGE's rally continue?
Dogecoin is one of the best-performing digital assets in the current bull market. Over the past few weeks, DOGE has recorded significant gains, increasing the likelihood of further price surges.
Although the meme coin saw a drop to $0.39 on Monday, it has begun to recover, attracting an increase of nearly 2% in the past day. Meanwhile, over the past week and month, the meme coin has risen by more than 9% and 178%, respectively.
Several key factors, such as the continuous accumulation by whales and speculation about DOGE potentially being integrated into upcoming X payments, may have triggered the notable price increase of this coin in the current cycle.