Dogecoin Bullish Reversal: Analysts Predict 55% Surge to $0.2
1min read Dogecoin, the leading meme coin, is showing signs of a bullish reversal as the broader crypto market experiences a positive shift. Analysts such as Master Kenobi have suggested that Dogecoin is poised to reach new highs, with a particular focus on the $0.2 psychological level.
Trader Tardigrade, a prominent crypto analyst, has noted that Dogecoin is exhibiting a breakout from a falling wedge pattern. This observation is supported by a bullish cross on the Stochastic Relative Strength Index (RSI) biweekly chart, indicating a potential surge above the $0.2 price level.
In another analysis, Trader Tardigrade predicted that Dogecoin could soon outperform Bitcoin. The analyst highlighted that the current On-Balance Volume (OBV) pattern on the DOGE/BTC chart mirrors a previous pattern that preceded Dogecoin's outperformance of Bitcoin from October to December 2024. If this pattern holds, Dogecoin could see significant gains, replicating its price performance from the latter part of 2024.
Trader Tardigrade also believes that another bull run may be on the horizon for Dogecoin. He noted that Dogecoin has broken down to its Round Bottom in this cycle, suggesting that a "massive" bull run is imminent. According to his analysis, Dogecoin could reach as high as $2.8 during this potential bull run.
Master Kenobi provided an update on the macro chart for Dogecoin, stating that the current configuration, when compared to the situation in 2017, indicates that Dogecoin has all the necessary ingredients for a "massive" pump. The 21-day Exponential Moving Average (EMA) on the 3-day chart supports a bullish outlook, reinforced by bullish divergence and the breaking of the trendline on the Relative Strength Index (RSI). Master Kenobi had previously predicted that Dogecoin could rally to a new all-time high (ATH) by June.
At the time of writing, Dogecoin is trading at around $0.18, showing an increase in the last 24 hours. This positive movement aligns with the bullish sentiments expressed by various analysts, who believe that Dogecoin is on the verge of a significant price surge.
