Dogecoin Is Sitting On A Powder Keg: Here’s The | Crypto News
Dogecoin’s price motion is working on a rebound after hitting $0.222 in the past 24 hours. Zooming out into a bigger timeframe reveals the price construction on the weekly timeframe is pointing to an explosive breakout is in the making. Technical analysis reveals that the meme coin, which has already shown it may possibly ship extraordinary rallies, is now sitting on a powder keg that will ship it to new all-time highs. Particularly, technical projections point out that if the current pattern continues, Dogecoin might surge to $1.30.
Pattern Repetition Points To $1.3 Target
The first fascinating chart statement focuses on how Dogecoin rallies unfold in repeating waves of growth. This analysis, which was posted on the social media platform X by
Kamran Asghar, reveals how Dogecoin has been following a repeating construction in the weekly candlestick timeframe chart.
In late 2023, the Dogecoin price broke out of consolidation with a 300% surge, adopted by another wave in 2024 that delivered a 500% rally from trendline assist to resistance. Each cycle started with a bounce from the ascending white trendline shown on the weekly chart below, which has persistently acted as the spine of Dogecoin’s long-term uptrend.
Now, the sample is setting up for what may very well be an 800% rally, highlighted in the inexperienced projection box on the chart below. This transfer, if accomplished, would see the Dogecoin price rallying past its current all-time high of $0.7316 and finally breaking above the $1 price degree. Particularly, the projection places Dogecoin rallying more than 800% to attain a price goal around $1.30.
Chart Image From X: Kamran Asghar
Dogecoin Bullish Channel Still Intact Since 2021
Another technical analysis seems to be at a broader view of Dogecoin’s efficiency over the last 4 years. Price motion on the weekly timeframe is plotted within a coloured channel system, beginning from the 2021 breakout, as shown in the chart below. The decrease orange line has persistently acted as assist, while the inexperienced midline has labored as a pivot level. Lastly, the higher blue line is serving as resistance.
At the time of writing, Dogecoin is trading around $0.23, and this is just between the inexperienced midline and the orange assist, that means the bullish construction is still enjoying out. According to analyst KrissPax, who posted the technical analysis on the social media platform X, Dogecoin is still on observe to keep transferring to the higher band of the channel, which is marked in blue. Reaching this higher band would put the meme coin in the $0.70 to $1.00 vary and retesting its all-time high in 2021. However, in this case, the first step can be to break above the inexperienced midline, which is presently around $0.4.
Meanwhile, Dogecoin is trading at $0.23, up by 1.1% in the past 24 hours. Investors are awaiting the SEC’s approval of a Spot Dogecoin ETF.
Featured image from Pixabay, chart from TradingView
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