Dogecoin's 75% Rally: Bullish Outlook Despite Market Downturn

Dogecoin Price Poised for 75% Rally if it Remains Within Channel

Despite the recent market downturn, crypto analyst Olivier has expressed a bullish outlook for Dogecoin (DOGE), predicting a potential 75% rally for the meme coin. According to Olivier, DOGE could surge above $0.3 if it stays within a parallel channel, as indicated on his accompanying chart.

Olivier's analysis suggests that the trend for Dogecoin is clear as long as it remains within the channel. He even hinted at the possibility of DOGE reaching a new all-time high (ATH) and potentially hitting $6 in this market cycle. Moreover, the analyst's chart shows that DOGE could rally to as high as $30 as it approaches the upper boundary of the channel.

However, for this bullish scenario to materialize, Dogecoin must hold above the lower boundary of the channel. A break below $0.15 could invalidate the bullish setup for DOGE, given the current downtrend in the broader crypto market. Despite this risk, crypto analyst David Perk recently predicted that the Dogecoin price could bounce from $0.15, which would still keep DOGE within the channel and potentially send its price to new ATHs.

Meanwhile, crypto analyst DOGECAPITAL has reaffirmed that the Dogecoin price could still rally to as high as $10 in this market cycle. The analyst highlighted the price action of the previous two cycles to explain why the meme coin could reach this level and even rally above it. DOGECAPITAL expects DOGE to hold around $0.20 on the weekly timeframe and then move towards $1.70, paving the way for a third phase of the parabolic move that would send the foremost meme coin to $10 and above.

At the time of writing, the Dogecoin price is trading at around $0.2, down in the last 24 hours, according to data from CoinMarketCap.