Dogecoin (DOGE): A hidden giant with a potential 8100% surge, is the $30 threshold within reach?
Currently, the price chart of Dogecoin resembles that of the period from 2020 to 2021. During that time, the token first formed two bottom patterns and then successfully broke through a descending channel.
Looking back to 2020, the trading price of Dogecoin was at the level of $0.002452, and then it started a remarkably significant upward trend. The same was true in 2021, which led to a price surge of up to 3,366%.
Coincidentally, up to now, we can clearly see that Dogecoin has once again formed two bottoms and a descending channel in the market.
This undoubtedly indicates that in the coming weeks, Dogecoin is very likely to reproduce a breakout trend, continuing its price legend, while investors are eagerly watching and closely monitoring the subsequent developments in the market dynamics.
Currently, the trading price of Dogecoin is approximately $0.31, having previously declined from the $0.40 range.
However, some analysts predict that Dogecoin is expected to rise significantly to $30. If it can indeed reach this price level, those currently holding Dogecoin will reap a return of up to 8,158%.
The current price trend aligns with past historical trends, which include lateral consolidation movements that occur before a strong rebound. Therefore, it is expected that Dogecoin will also experience a similar rebound situation.
Dogecoin's price could be in the range of $3 to $15, which may be influenced by its collaboration with Arkham Intelligence.
After a recent decline, Dogecoin's price hovers around $0.31, caught in consolidation. This price can be seen as a short-term pullback within a long-term upward trend. In the weekly chart, technical indicators show a descending channel, which often signals a subsequent upward breakout.
From a bullish perspective, its 4-hour RSI is at 20.90, indicating an oversold state, far below the 50 midpoint, showing increased selling pressure. Generally, when the RSI is below 30, it is likely to see a bullish reversal, as this indicates that the asset is oversold.
