Dogecoin Bulls Eye $5 as Meme Coin Prepares for Breakout

Generated by AI AgentCoin World
Sunday, Feb 23, 2025 1:06 am ET1min read
DOGE
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Dogecoin Price Poised for Bullish Breakout After Final Retest

The Dogecoin price is on the cusp of a significant rally, according to crypto analyst Basic Trading. In a recent TradingView post, the analyst highlighted key price levels to watch as the meme coin prepares for a potential bullish breakout.

Basic Trading noted that the Dogecoin price is currently in an upward trend, despite recent corrections. The analyst pointed out that the coin has experienced a 50% correction following its retest of the previous all-time high about three months ago. This correction, according to the analyst, is a textbook 'break and retest' pattern that typically precedes a parabolic rally and new highs.

The analyst identified $0.2, $0.5, and $5 as the crucial levels to watch. A break above $0.2 would confirm the bullish break and retest, potentially leading to a rally to the current local high of around $0.5. If the Dogecoin price can sustain this momentum, it could push towards a new all-time high.

Basic Trading believes that Dogecoin has the potential to reach as high as $5 in this bull run. The analyst cited the coin's performance in previous cycles, where it gained 8,000% in the 2017 bull cycle and 50,000% in the 2021 cycle. This suggests that the $5 price level is a conservative target for DOGE in this market cycle.

Crypto analyst Ali Martinez also shared a bullish outlook for Dogecoin. In an X post, he revealed that the most critical support zone for DOGE is between $0.19 and $0.16. If this level holds, the $3 target remains a strong possibility for the meme coin.

Trader Tardigrade, another crypto analyst, provided a similar bullish outlook. In an X post, he stated that DOGE's macro chart is showing a similar price pattern to the 2017 bull cycle. If this pattern holds, the meme coin could experience another massive surge, potentially reaching $1.7.

At the time of writing, the Dogecoin price is trading at around $0.25, down slightly in the last 24 hours. As the mem