The crypto market is showing signs of recovery after a recent downturn, and Dogecoin (DOGE) is among the tokens gaining traction. The memecoin has broken free from a prolonged bearish trend and is poised for a potential 35% upsurge, according to market analysts.
After months of struggling within a descending triangle pattern, DOGE has managed to break out to the upside. This bullish move has ignited hopes for a more significant rally, potentially leading to a 180% increase in price.
Renowned crypto analyst Altcoin Sherpa is optimistic about Dogecoin’s prospects. He believes the token is gearing up for a substantial price increase that could mirror its performance during the previous bull run. This would potentially propel DOGE’s price beyond the $0.5 mark, although Sherpa cautions that this could take anywhere from six to twelve months.
While the recent price action is encouraging, it’s essential to consider the broader market context. Trading volume for Dogecoin has remained relatively subdued despite the price increase, which could indicate potential hurdles ahead. However, the Relative Strength Index (RSI) has moved above the 50 level, suggesting a strengthening bullish momentum.
If the buying pressure intensifies and the weekly candle closes in the green, it could solidify Dogecoin’s position and pave the way for new yearly highs. However, investors should approach with caution and conduct thorough research before making any investment decisions.
Also Read: Dogecoin Soars To Record Addresses, Eyes $0.15 Price Target (Will Memecoin Mania Return?)
The crypto market is highly volatile, and past performance is not indicative of future results. It’s crucial to diversify your portfolio and manage risk effectively.
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.
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