Dogecoin could be gearing up for another rally toward $0.1 according to one crypto analyst. The analysis puts the meme coin in a unique position for a breakout after some indicators have lined up in favor of a sustained recovery.
Dogecoin 50-Day EMA Lines Up Crypto analyst Alan Santana put forward another bullish analysis for the Dogecoin price. The forecast hinges on the 50-day exponential moving average (EMA) of DOGE which has turned bullish after a long stretch of bearishness. Thus resistance has been a bone of contention between bulls and bears but finally, it has rested in the favor of the bulls.
The chart is compared to that of Cardano which recently broke out of a months-long consolidation. Santana explains from here that after a new daily high, all price retracements and swings will stay above the 50-day exponential moving average.
From here, there are three target prices outlined in the chart. The first price target sits at the $0.03 mark, constituting a 19.46% increase from the current price level. Then comes the next price target placed at the $0.09449 level. This second level translates to a 34.74% price increase.
Source: Tradingview.com The very last price target for Dogecoin as revealed by the crypto analyst is the ever-elusive $0.1 mark. While being the highest, it translates to a 44.27% increase. This would inadvertently mark the start of another bull market for the DOGE price, especially if the EMA50 continues to hold.
DOGE Bullishness Goes Round Santana’s forecast for Dogecoin is bullish but it is not the most bullish prediction for the meme coin. Another analyst has also said that the meme coin is very bullish, putting it at a $26 price target in the next bull run. This would constitute a 37,500% rally, one that would rival its legendary 2021 rally.
Another crypto analyst Ali Martinez has also shared a very bullish outlook for Dogecoin. According to Martinez, the price of Dogecoin could surge past $1.6 soon. The forecast stems from the fact that the TD Sequential indicator had flashed bullish and saw confirmation of a buy signal.
Another analyst also puts the price at double-digit, gunning for the $14 mark with Dogecoin. This 27,500% rally saw the $0.0588 level placed at the bottom and from where the price rally would begin. And interestingly, this point has held with Dogecoin maintaining momentum above $0.067.
The DOGE price is, however, not having the best day given that its price is down 2.77% in the last day. It has also fallen to the 9th spot on the list of largest cryptocurrencies, with Cardano (ADA) taking the 8th spot.
DOGE bulls maintain control | Source: DOGEUSD On Tradingview.com Featured image from Mid-day, chart from Tradingview.com
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Scott Matherson Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.