Dogecoin (DOGE) is expected to hit a new yearly high “any minute now,” according to a bullish price analyst. DOGE is currently testing key demand levels after falling 23% from its local high of $0.13. Members of the cryptocurrency community remain bullish on the asset and predict future appreciation. One analyst is particularly focused on DOGE’s current year-to-date high, saying it could be broken soon.
DOGE analyst Mr. Crypto shared his bullish outlook and said Dogecoin could start its next rally “at any time.” Mr. Crypto’s technical analysis highlights a major support level, suggesting that the current price could rise sharply.
Dogecoin has shown significant volatility, reflecting the overall market uncertainty. Mr. Crypto’s analysis highlights a 4-day (4D) price chart where a bullish triangle pattern was broken. Although the timing is difficult to determine, a breakout is a surefire signal that a breakout is near. Now, Mr. Crypto’s predictions have sparked hopes among Dogecoin traders that another rally above 20 cents is possible.
Also read: Dogecoin: AI sets DOGE price for October 15, 2024
Is Dogecoin on the rise?
Dogecoin has performed well over the past 30 days, gaining 11% during the period. This came after the asset struggled to consistently rise above 10 cents over the summer. Its market capitalization rose 4% in the past 24 hours to $16.11 billion. But the bull market hasn’t started yet. For this bullish scenario to occur, Dogecoin price must close above the current demand level and maintain support.
Dogecoin has experienced an 8% decline since Monday and is currently trading at $0.106. Its price lost both the 4-hour 200 moving average of $0.107 and the 200 exponential moving average of $0.108. To regain bullish momentum, DOGE needs to outperform these key indicators and regain the $0.12 mark. Conversely, if the memecoin fails to sustain its current levels, analysts expect a more severe correction. This failure could cause the price to drop to around $0.08.
