Dogecoin, a dog-themed meme coin, could be on the verge of a breakout, according to renowned crypto analyst Captain Faibik. In a post on social platform X, the analyst hints that the token is set for another bullish rally, with a projection of $0.72 as its next upside target.
Analyst Predicts DOGE Rally to $0.72
Faibik’s accompanying chart showcases a symmetrical triangle pattern on DOGE’s four-hour timeframe, a common indicator of consolidation before a decisive price move. According to the chart’s analysis, the DOGE cryptocurrency has been consolidating on this rangebound pattern since mid-November, with the upper arm of the triangle acting as a strong resistance level.
$DOGE #Dogecoin is Ready for the Another Bullish Rally..📈 pic.twitter.com/ucEjqgKYcL
— Captain Faibik 🐺 (@CryptoFaibik) December 6, 2024
Currently trading at $0.4270, the meme coin is once again approaching the triangle’s apex. From Faibik’s analysis, the DOGE token is likely to exhibit a breakout. Assuming such a scenario comes into play, the analyst forecasts a price surge of 55.76%, which aligns with the $0.72 mark, close to its all-time high of $0.73.
Is a New All-Time High Possible?
Following this year’s bull run, the global crypto market has experienced heightened investor interest, with Bitcoin leading as it broke into the not-seen $100K territory. Similarly, the dog-themed token has steadily witnessed its market value appreciation, making a new all-time high a realistic possibility soon.
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Market analyst Ali reinforces this optimistic outlook, suggesting even more ambitious price targets for Dogecoin in the current bullish cycle. According to his analysis, cryptocurrency might test its long-term ascending channel’s middle or upper boundaries. Should the momentum persist, this puts a possible price target at $2.40 or even $18.
Yet Ali issues caution regarding volatility. Drawing on DOGE’s history, previous parabolic runs in 2017 and 2021 were marked by severe corrections ranging from 40% to 84%. As a result, the analyst emphasized, “Given these price targets, ranging from $2.40 to $23.26, you have to be ready to withstand steep corrections.”
Indicators Hint at a Tug-of-War in the DOGE Market
The cryptocurrency’s relative strength index is shifting downward from the overbought zone, signaling a cooling of bullish momentum in the short term. Despite this, the RSI remains at a healthy level of 64.67, indicating that bullish sentiment is still intact, with room for further upside before a correction becomes likely.
Similarly, the Moving Average Convergence Divergence indicator reflects a comparable narrative. While the MACD line, currently at 0.03816, shows a downward trajectory, the histogram’s red bars below the zero line are weakening. This suggests that bearish pressure is fading as bulls strive to regain control of the market momentum.
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