Dogecoin on the Cusp: Will It Reach New Heights?
The cryptocurrency world is abuzz with excitement as Dogecoin, the original meme coin, shows promising signs of a potential all-time high (ATH). Crypto analyst Master Kenobi has been closely following the Dogecoin price action and believes it’s on the verge of breaking through a crucial barrier.
Approaching the Moving Average Line: A Key Indicator
Master Kenobi points out that Dogecoin’s weekly Relative Strength Index (RSI) is nearing the moving average (MA) line. This is a critical level that needs to be breached to confirm a continued upward movement. If Dogecoin successfully clears this hurdle, its current ATH of $0.74 becomes the next major point of interest.
A Solid Week, But Obstacles Remain
While Dogecoin has had a solid week, Master Kenobi notes that it’s unlikely to close in the ATH zone just yet. One of the obstacles it faces is a resistance at the upper green trendline, as seen in his accompanying chart. This comes after Dogecoin successfully tested the lower green trendline two weeks ago.
The Trump Factor: A Potential Catalyst
From a fundamentals perspective, Master Kenobi suggests that Donald Trump’s reinstatement in the White House could serve as both an indicator and a significant catalyst for Dogecoin reaching its current ATH. This is an interesting development, as it highlights the complex interplay between politics and cryptocurrency markets.
Breaking Down the Barriers
Crypto analyst Kevin Capital has also shared his insights on what needs to happen for Dogecoin to reach and surpass its current ATH. According to him, Dogecoin needs to break the macro golden pocket at $0.49, followed by the Fib .703 level at $0.53, and finally, a break above $0.59. A clean break above $0.59 would pave the way for a new ATH for Dogecoin.
The Next Leg Up: A Bullish Crossover
The Dogecoin price looks well-primed for the next leg of its bull run. Crypto analyst Trader Tardigrade has revealed that a Dogecoin MACD bullish crossover has occurred on the daily chart. This is a promising sign, as the previous bullish crossover triggered a massive pump for DOGE, sending it soaring from $0.11 to $0.43.
A Reasonable Target: $1
Trader Tardigrade believes that Dogecoin could record a similar rally again, with the meme coin potentially reaching the much-anticipated psychological $1 level on this next leg up. This is supported by the “Power of Three” (PO3) pattern, which makes $1 a reasonable target.
A Rally to $1.2?
Master Kenobi has also predicted that Dogecoin could rally to as high as $1.2 if the meme coin breaks its ATH by the end of January. This is a bold prediction, but one that highlights the potential for Dogecoin to make significant gains in the coming months.
Current Price Action
At the time of writing, the Dogecoin price is trading at around $0.38, up over 15% in the last 24 hours, according to data from CoinMarketCap.
As the cryptocurrency market continues to evolve, one thing is clear: Dogecoin is on the cusp of something big. Will it reach new heights and break through the $1 barrier? Only time will tell. What do you think? Share your thoughts in the comments below!
Source: Newsbtc.com
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