Dogecoin is expected to rise significantly in the ongoing market cycle to new highs due to past trends, with each cycle outperforming the previous one. While the community awaits the bull run, one crypto analyst has highlighted some exit points for investors to prevent significant losses.
Dogecoin Take Profit Zones At Bold Levels
With Dogecoin showing strong upside potential in this bull cycle, identifying ideal entry and exit points is crucial to navigating the upcoming volatility. Therefore, Trader Tardigrade, a market expert and trader, has provided investors with important navigational advice by outlining key profit-taking areas for DOGE.
The warning post comes amid growing interest in Dogecoin among traders and investors, with its recent price surge attracting large capital inflows. Moreover, the strong optimism from these investors reinforces DOGE’s position as the leading meme coin in the crypto asset market.
Trader Tardigrade’s take on the previous cycle’s breakout sparked a massive rally to the market’s peak and a new record high for DOGE. With the possibility of a repeat of the trend in this cycle, the market expert has set his take-profit zone for the meme coin between $10 and $30.
“Based on previous cycles, this could suggest your target for DOGE in the current cycle,” he stated. Trader Tardigrade therefore urged investors to start taking profits at $10 while the rally is going on, indicating his confidence in the meme coin’s potential to reach $10 to $30.
Experts' belief in an upcoming major Dogecoin price rally was further reinforced after a record-breaking monthly close in November, sparking excitement and speculation about a prolonged bull run within the community.
In November, Dogecoin saw a large candle move from a low of $0.142 to a high of $0.480, representing a significant increase of more than 237% in that month alone. As such, Trader Tardigrader claims that the first candle of the rally has just been lit, highlighting a strong start for the dog-themed meme coin.
Will DOGE's Surge 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 increases.
Although meme coin saw a drop to $0.39 on Monday, it has started to rise again, gaining nearly 2% over the past day. Meanwhile, over the past week and month, meme coin has gained more than 9% and 178%, respectively.
Several key factors, such as the continued accumulation by whales and speculation about DOGE potentially being incorporated into upcoming X payments, may have triggered the coin’s notable price increase in the current cycle.
