Dogecoin has officially broken out of a six-month downtrend. This technical milestone has triggered analysts and enthusiasts speculating on DOGE’s potential for explosive growth.
🚨 #Dogecoin has officially broken its 6-month downtrend! Is $DOGE about to skyrocket? 🚀
🐕🔥 Get ready, #MemeCoin fans—this could be the rally we’ve been waiting for! 👀💥 #Crypto #DogecoinRally #ToTheMoon pic.twitter.com/e60xExvqK6
— CryptoNewsZ (@cryptonewsz_) September 27, 2024
According to CoinGecko data, DOGE has surged 9% in the last 24 hours and an impressive 16% over the past week. This price action has caught the attention of several prominent crypto analysts, who are now weighing in on Dogecoin’s prospects.
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Analyst Captain Faibik confirmed the upside breakout from a falling wedge pattern, a bullish signal that often precedes major price increases. Meanwhile, Ali pointed out multiple bullish indicators, including an RSI breakout and a buy signal from the SuperTrend indicator.
#Dogecoin looks strong! #DOGE got an RSI and price breakout from multi-month downtrends, and $DOGE also got a buy signal from the SuperTrend indicator. pic.twitter.com/U2I8rpfPYB
— Ali (@ali_charts) September 26, 2024
Dogecoin’s trajectory based on past cycles
While technical analysis paints a bullish picture, some analysts are taking their predictions to the next level. Master Kenobi offered a thought-provoking “imagination exercise,” comparing DOGE’s potential performance to its previous bull cycles.
🤯 Imagination exercise:
If #DOGE would perform as in the first cycle (2017-2018), it will reach $1.55 on December 9 (yellow) and $7.78 on July 14 next year (orange)
If #DOGE would perform as in the previous cycle (2021), it will reach $2.8 on December 9 (light blue) and $25.8… pic.twitter.com/br7JgMrjJG
— Master Kenobi (@btc_MasterPlan) September 24, 2024
In one scenario, based on the 2017-2018 cycle, Kenobi suggests DOGE could reach $1.55 by December 9 and $7.78 by July next year. An even more bullish projection, modeled after the 2021 cycle, puts DOGE at $2.8 in December and $25.8 by March 2025.
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It’s crucial to note that these projections are speculative and not financial advice. However, Dogecoin’s history of defying expectations can’t be ignored. From its humble beginnings as a joke currency to becoming a top 10 cryptocurrency by market cap, DOGE has consistently surprised skeptics.