Dogecoin poised for a breakout, says analyst

Dogecoin, the meme coin with a dog theme, might be on the verge of a significant rise. Renowned crypto analyst Captain Faibik predicts DOGE is set for another upward rally, with a target price of $0.72. He shared this optimistic forecast on the social platform X.

Symmetrical triangle signals upward movement

According to Faibik's chart, Dogecoin exhibits a symmetrical triangle pattern on the 4-hour chart, a typical indicator of price consolidation before a decisive move. Since mid-November, DOGE has traded within a narrow range, with the upper arm of the triangle acting as strong resistance.
Currently trading at $0.4270, DOGE is retesting this critical level. Faibik predicts that breaking through this barrier could lead to a 55.76% price increase, reaching $0.72—close to its all-time high of $0.73.

Can DOGE reach new heights?

With this year’s bull market driving Bitcoin past the $100,000 milestone, investor interest in cryptocurrencies is growing. This trend also boosts Dogecoin’s market value, making a new all-time high a realistic possibility.

Market analyst Ali is even more bullish, predicting DOGE could reach price targets of $2.40 or even $18. According to Ali, Dogecoin may test the mid or upper boundary of its long-term upward channel.


However, Ali cautions against volatility, citing previous DOGE corrections in 2017 and 2021, which reached up to 84%. "You must be prepared for sharp pullbacks if targeting prices between $2.40 and $23.26," he warns.

Indicators suggest a tug-of-war in the market

Dogecoin’s Relative Strength Index (RSI) is retreating from the overbought zone, indicating a slowdown in bullish momentum. Despite this, it remains at a healthy level of 64.67, suggesting room for further growth before a potential correction.
The Moving Average Convergence Divergence (MACD) indicator shows weakening bearish pressure. The histogram signals fading red bars, indicating that bulls are striving to regain market momentum.

Dogecoin is at a pivotal stage. If it breaks through the resistance level, it could move to new highs, making it an asset worth watching.


#doge⚡ , #DogecoinCommunity , #MemeCommunity , #meme_coin , #Cryptocurrencies

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!

Notice:

,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“