Dogecoin (DOGE) is expected to break out to a new yearly high “any day now,” according to a bullish price analyst. Dogecoin is currently testing a key demand level after its price fell 23% from a local high of $0.13. Crypto community members remain bullish on the asset, predicting a surge ahead. One analyst is particularly eyeing Dogecoin’s current yearly high, saying it could be breached soon.

DOGE analyst Mister Crypto expressed a bullish view, saying that Dogecoin could start its next leg up “at any time.” Mister Crypto’s technical analysis highlights key support levels, suggesting that current prices could rise.

Dogecoin has experienced significant volatility, reflecting uncertainty in the broader market. Mister Crypto’s analysis highlights the 4-day (4D) price chart, where a bullish triangle pattern has been breached. The breakout is a sure sign that a breakout is imminent, although it is difficult to pinpoint a timeline. Now, Mister Crypto’s predictions have raised hopes among Dogecoin traders who believe that Dogecoin could once again break above 20 cents.

Is Dogecoin on the rise?

Dogecoin has had a great run over the past 30 days, gaining 11% during that period. Prior to this, the asset had struggled to stay above 10 cents throughout the summer. Its market cap has risen 4% over the past 24 hours to $16.11 billion. However, the bull run has not yet been triggered. For this bullish scenario to materialize, the price of Dogecoin must close above the current demand level and hold support.

Dogecoin is currently trading at $0.106, down 8% since Monday. Its price has fallen below the 4-hour 200 SMA at $0.107 and the 200 exponential moving average at $0.108. To resume bullish momentum, Dogecoin needs to break through these key indicators and recapture the $0.12 mark. On the other hand, if Dogecoin fails to hold current levels, analysts expect a deeper correction. Such a failure could lead to a price drop to around $0.08.