Dogecoin News Today: A Third Act for Dogecoin: Why This Bull Run Feels Different

Dogecoin is drawing renewed attention from market analysts, with bullish technical indicators and market sentiment suggesting the potential for a significant price surge in the near future. According to a recent analysis by crypto chartist Cantonese Cat (@cantonmeow), the asset is entering what could be a third major cycle, with technical conditions aligning for a breakout to multi-dollar levels—provided key resistance levels are cleared [3]. “I’m extremely bullish on Dogecoin,” he stated in a video analysis, emphasizing that the current price trajectory appears “healthier than the last cycle” [3].

On the monthly chart, Dogecoin has been holding the 20-month moving average and forming higher highs and lower lows, a classic sign of a strengthening bull trend. The asset is also quietly re-entering the Ichimoku Cloud through consolidation rather than a sharp price spike, a bullish sign according to the analyst. Furthermore, the Fibonacci retracement levels suggest a constructive trend, with the price retracing to the 0.382 level before resuming its upward movement [3].

On the weekly timeframe, the 20-week simple moving average and the 21-week exponential moving average have converged to form a support band that is now acting as a floor for the price. The 20-week average is also showing upward momentum, reinforcing the view that the trend is favoring the bulls. Cantonese Cat noted that the 20-period moving average has been reclaimed across multiple timeframes, indicating a strong consensus for a potential breakout [3].

Price targets for this cycle, according to Cantonese Cat, could reach as high as $1.50, $2.27, and even close to $4, depending on how the retracement levels are navigated. “We need to break above the 0.786 and the 0.86 levels on this cycle,” he said, highlighting the importance of overcoming key Fibonacci levels before more ambitious price targets can be considered [3]. Analysts generally agree that Dogecoin’s price movement is more measured this time around compared to its previous rally, with the trend characterized by higher lows and higher highs across different timeframes [3].

While the near-term trajectory appears positive, analysts caution that the path to those multi-dollar levels will depend on the ability of the price to overcome critical resistance zones. The current price of Dogecoin at $0.231 reflects the market's cautious optimism, with traders watching closely for signs of a breakout above $0.41 and $0.54 [3]. The overall market environment remains influenced by macroeconomic factors, including the likelihood of a Federal Reserve rate cut in September, which could further fuel investor enthusiasm [1].

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[1] Dogecoin Leads Altcoin Rally as XRP, Tron and Solana Rise (https://finance.yahoo.com/news/dogecoin-leads-altcoin-rally-xrp-030255384.html)

[2] Dogecoin Price Prediction: Is DOGE Heading To $1 As ... (https://www.cryptopolitan.com/is-doge-heading-to-1-as-experts-suggest-this-new-altcoin-could-deliver-life-changing-gains/)

[3] Dogecoin Mega Rally Ahead? Crypto Analyst Says $4 Is In ... (https://www.newsbtc.com/news/dogecoin/dogecoin-mega-rally-ahead-4-in-play/)