Dogecoin, the popular meme coin, has surged over 4% in the past 24 hours, reaching an intraday high of $0.46550. This bullish momentum comes on the heels of Bitcoin’s recent surge past the $100,000 mark, which has ignited a broader crypto market rally.
Analyst Forecasts $1 Target for Dogecoin
Market analyst Ceciliones believes that Dogecoin is primed for another significant price surge, potentially reaching $1. In a recent TradingView analysis, Ceciliones pointed to a bullish pennant pattern forming on the 12-hour chart as a strong indicator of an impending upswing. If Dogecoin breaks out of this pattern, it could see a 128% increase from its current price.
Technical Indicators Support Bullish Outlook
Other analysts, such as pseudonymous trader NOS4RA2x, have also expressed optimism about Dogecoin’s short-term outlook. NOS4RA2x highlighted a bullish ascending channel on the 4-hour chart, suggesting that the meme coin could rally to the 1.618 Fibonacci extension level at $1.15627.
Technical indicators such as the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) further support the bullish sentiment. The MACD has recently crossed above its signal line, indicating a potential upward trend, while the RSI is currently at 61, suggesting that Dogecoin is not yet overbought.
Market Sentiment Remains Positive
The overall market sentiment surrounding Dogecoin remains positive, with many investors and traders anticipating further price gains. However, it is important to note that the cryptocurrency market is highly volatile, and prices can fluctuate rapidly.
As always, it is advisable to conduct thorough research and consider consulting with a financial advisor before making any investment decisions.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Dogecoin Price Surge Expected: Will Elon Musk’s Congressional Address Propel DOGE to $1?
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