【Analysts say, why the next lowest target for Dogecoin is $3.5】
Affected by Donald Trump's election victory, Dogecoin (DOGE) continues to rise. Cryptocurrency trading expert TradingShot points out that DOGE may enter a parabolic growth channel, predicting its price could reach $3.5. This growth is based on DOGE's historical trend of rising within this channel, having only broken through once during the bull market in April 2021.
Technical indicators show that a weekly "golden cross" signal for DOGE has emerged, which is typically seen as a bullish sign. After this signal first appeared in December 2020, DOGE reached an all-time high. Additionally, the RSI triggered a bullish cross in the week of October 7, indicating potential further increases.
Analysts believe DOGE is likely to reach the 1.618 Fibonacci extension level, with a target price of at least $3.5. Analyst Jake Wujastyk also pointed out that DOGE has broken through a long-term downtrend line that has been in place since early 2022, which usually signals the end of a downtrend and the beginning of a new uptrend.
Another analyst, Ali Martinez, predicts that DOGE could rise to $4. Furthermore, there are rumors that Elon Musk may take on a leadership role in the "Department of Government Efficiency" in the new administration, further boosting bullish sentiment for DOGE.
Currently, DOGE is priced at $0.19, having risen over 20% in the past week. The technicals show the price is above the 50-day and 200-day moving averages, suggesting further short-term increases may be possible. However, the 14-day RSI is in the overbought zone, indicating a possible pullback or consolidation ahead.
