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Dogecoin Poised for a Bullish Surge: Potential New All-Time High
Renowned crypto analyst TradingShot has projected that Dogecoin’s price could soon experience a significant upward surge. According to the analyst, this popular meme cryptocurrency might aim for a new all-time high, potentially surpassing its previous peak of $0.73.
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Analyzing Dogecoin’s Path to Breakout
In a detailed analysis shared on TradingView, TradingShot highlighted that Dogecoin is positioning itself for a bullish breakout towards a new all-time high. The analysis revealed that DOGE has successfully breached a Lower Highs trend line that initiated two months prior, with a notable high on January 18. The provided chart suggests a target of $0.8 as DOGE rallies upward.
TradingShot identified a critical resistance level for Dogecoin at the 1-day MA50, approximately $0.3. However, with the 1-day RSI moving upward and the price recovering from a recent low within the 1-year Channel Up, the analyst believes a new bullish phase has commenced.
The analyst further asserted that if Dogecoin replicates its previous bullish patterns, it could potentially surpass the Channel Up, reaching a higher high of $0.8. This anticipated rally may be more pronounced than previous ones, as bull cycles often see each subsequent rally being more vigorous.
Whale Accumulation Signals Bullish Momentum
In the lead-up to this anticipated Dogecoin price surge, major holders, commonly referred to as “whales,” have been actively accumulating DOGE. Crypto analyst Ali Martinez reported that these entities have amassed over 200 million DOGE in recent weeks, indicating robust confidence despite recent market fluctuations. Historically, such accumulation phases often precede significant price increases.
Dogecoin’s Cycle 3: Final Stages and Future Prospects
Crypto analyst Trader Tardigrade recently shared via social media that Dogecoin is approaching the final stage of its third cycle. The analyst’s chart suggests that the meme coin could potentially rally to an impressive $6 once this phase concludes, drawing parallels to past bull cycles where DOGE saw substantial gains.
MACD Signals Potential Upswing
In another analysis, the same expert provided a positive outlook for Dogecoin’s future. The analyst noted that DOGE’s Moving Average Convergence Divergence (MACD) is emerging from a consolidation phase, which might trigger a sizable price increase. The accompanying chart suggested that Dogecoin could reach the eagerly anticipated $1 level by June. Additionally, crypto analyst Master Kenobi has forecasted that DOGE might hit $1.1 by the same timeframe.
At present, Dogecoin is trading at approximately $0.19, reflecting a 4% increase over the past 24 hours, as per CoinMarketCap data.
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