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The Dogecoin price shows signs of continued bullish momentum, as a crypto analyst has predicted a potential breakout towards the $0.74 all-time high. This significant price surge is expected to occur following the meme coin’s consolidation phase, which began after its recent rally above the $0.4 level.
Dogecoin Price Eyes $0.74 ATH Rally
A recent analysis published on TradingView discusses Dogecoin’s price action and its potential to rally towards the $0.74 ATH. According to a crypto analyst, Linda, Dogecoin is taking advantage of the market hype and now consolidating after experiencing a substantial price increase. This behavior is typical after a significant price rally as the market stabilizes and the cryptocurrency prepares for the next leg up.
RLinda has pinpointed the range between $0.45 and $0.46 as the trigger level for the continuation of the Dogecoin price rally. The analyst highlighted that if Dogecoin can break above this key range, it has a significantly higher chance of reaching the $0.74 ATH.
Despite Bitcoin’s recent drop from its $103,000 ATH, the TradingView analyst reveals that the price of Dogecoin remains unaffected and unbothered by the market noise. Typically, top meme coins like Dogecoin tend to follow market trends, often declining due to broader market volatility and skyrocketing during favorable conditions.
According to RLinda, Dogecoin continues to experience intense buying activity from large investors, also called “whales.” This surge in whale buys is seen as a positive sign for Dogecoin’s performance, indicating a potential for future price growth.
More importantly, an Ascending Triangle is currently forming on Dogecoin’s 4-hour chart, with the meme coin consolidating above the MA-50, which indicates strong buyer interest and a potential for continued upward momentum. RLinda has pinpointed key resistance levels at $0.45, $0.463, and $0.48 for the Dogecoin price. Additionally, the analyst mentions that the price levels between $0.422 and $0.4 will be a crucial support area for Dogecoin.
The TradingView analyst has also mentioned the possibility of Dogecoin retesting the MA-50 or one of the above support levels before it begins its upward movement. Notably, if the bulls can hold their defense above resistance levels, it could trigger strong price growth to the next level. Based on the analyst’s price chart, this next projected price target for Dogecoin is around $0.59.
Analyst Says DOGE Could Hit $2 Fast
A crypto analyst identified as the “Cantonese Cat” on X (formerly Twitter) has suggested that Dogecoin could experience a hurried rally to new all-time highs. The analyst has revealed that the Dogecoin price has closed three consecutive weeks above the 0.786 Fibonacci level, indicating that a higher price is possible.
The analyst forecasts that Dogecoin could experience a quick and unexpected rise to $1 or even $2 if it maintains its bullish momentum. As of writing, the price of Dogecoin is trading at $0.43, reflecting an impressive 107% price increase over the past month.
Featured image created with Dall.E, chart from Tradingview.com
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