Dogecoin soars 160%, new highs within reach? Can DOGE surge 2400% to become the next Bitcoin?
A pattern called 'high tight flag' has appeared on Dogecoin's price chart. This pattern is relatively rare and usually indicates that market sentiment is quite optimistic, with a breakout possibly just around the corner.
Trader Tardigrade mentioned that this pattern typically appears before significant price fluctuations, so buyers should remain alert. If this pattern persists, Dogecoin could set a new historical high. Some analysts believe that Dogecoin's price could potentially surge to $1, representing an increase of over 150% from the current price.
Some even more optimistic predictions suggest that this wave of increase could push Dogecoin's price to between $5 and $10. Supporting these expectations is the strong enthusiasm of retail investors and FOMO. As the excitement in the market continues to heat up, more and more people are looking forward to whether Dogecoin can break through its current consolidation range and usher in a new wave of increase.
For example, the Relative Strength Index (RSI) is currently at 61.86, and although the price has retraced slightly from previous highs, it still maintains a positive upward trend. This usually indicates that Dogecoin's price may remain stable in the short term.
Additionally, Dogecoin's price is currently above the 50-day, 100-day, and 200-day Exponential Moving Averages (EMA), further confirming its upward trend.
However, there are a few key support levels to watch next. If Dogecoin wants to continue rising, it needs to stay above $0.35 while breaking through the resistance level at $0.45. Once this resistance is successfully breached, the potential for price increase could be significantly opened up, further solidifying bullish sentiment in the market.
