Dogecoin (DOGE) is currently sitting at $0.16 and has been on a bearish streak in the past month, falling over 25%. Several analysts are scrambling for signs of a rebound for the top meme coin. One analyst suggests that DOGE’s six-month consolidation is a coil, not a coffin, and a breakout will come in just a matter of time.
Indeed, pseudonymous crypto analyst Cantonese Cat has shared multiple time-frame evidence to argue that the meme-coin’s next directional break will be up, potentially as far as $4.13 before the current cycle ends. The analyst suggests that Dogecoin’s price has slipped from last autumn’s spike and then “done nothing for months.” Yet such fatigue is precisely what bull-market retracements are meant to produce: “A lot of people are getting bitter about Doge … that’s exactly how higher highs and higher low type situations are supposed to get you all frustrated. This is still a bull trend until proven otherwise.”
Should volume arrive and price claw back through the 0.5 and 0.618 retracements, Cantonese Cat’s Fibonacci ladders flag successive targets. From the Binance dataset, “$1.60, $2.26 and $4.13, all of these are possibility for Dogecoin,” Cantonese Cat says. A composite feed of multiple exchanges tweaks the numbers to $1.50, $2.27 and $3.94, making $4 just six cents away.
Also Read: Cardano, Dogecoin Dip Over 10% In 7 Days: Which Bounces First?
Other Dogecoin (DOGE) Analysts Are Bullish
In addition, another notable cryptocurrency expert, Javon Marks, says that Dogecoin (DOGE)’s chart is showing developments that prove that the token is far from being dead. Marks took to X to share a brief yet detailed DOGE analysis, adding how the token’s price chart is showing a brewing “bullish pattern and breakout,” which could compel the token to surge and hit $0.65.
Explaining his analysis in depth, Marks stated how Dogecoin is continuing to hold higher lows, indicative of a potential price surge on the cards for the token. In addition to this, Marks shared how Dogecoin is hinting at following an uptrend. If DOGE manages to hold the breakout, then there’s no way that the token may miss out on the biggest bullish surge of the season.
Even more bullishly, according to X user “Trader Tardigrade,” DOGE’s average directional index (ADX) seems to mirror its 2020 pattern. DOGE was trading at around $0.004 by the end of 2020. The original memecoin’s price skyrocketed to an all-time high of $0.7316 by May 2021. The rise represents a rally of about 18,175%. If DOGE experiences a similar rally, its price could surge beyond $4 to $31.25.
Credit: Source link
