Analysts believe that Dogecoin (DOGE), a dog meme currency, is quite bullish in this market cycle. After months of decline, one expert has predicted a major breakout to $0.24, suggesting that the DOGE price will steadily increase to reach this target.
Dogecoin Near $0.24
Dogecoin has been hovering around $0.10 for a while now, with small spikes and sudden drops. Prominent cryptocurrency researcher Ali Martinez has found two key factors that could signal a Dogecoin breakout on X (formerly Twitter).
Martinez revealed five Dogecoin price targets in his 2024 DOGE chart. The analyst’s chart shows Dogecoin steadily rising towards four targets until it reaches the highest and fifth milestone of $0.24. The expert predicts DOGE price to rise from $0.1 to $0.125, $0.135, $0.16, $0.18, and $0.24.
Martinez advises investors to look for two key signs that could push Dogecoin to its estimated maximum price target of $0.24.
Martinez said the first important indicator on the DOGE daily chart, the Relative Strength Index (RSI), is breaking a downtrend line. The RSI technical indicator assesses bitcoin price momentum, bullish or bearish.
Breaking the downtrend line, weakening momentum, signals that Dogecoin is becoming bullish. This shows that bitcoin buyers are getting stronger and investors are showing increasing interest.
Resistance at $0.11 is the second signal. Martinez said that if DOGE can break new resistance levels around $0.11, the price could recover.
Similar sentiment among analysts
Crypto Tapper on X, a new cryptocurrency analyst, believes that Dogecoin is about to have a major bullish breakout based on the recent falling wedge pattern on the daily chart.
The expert said that Dogecoin's falling wedge pattern is peaking, indicating a bullish price. He also revealed that Dogecoin had previously rejected the resistance trendline, but is now on track to break out of the negative zone and hit $0.20.
