Dogecoin On Track To Rally 100% To $0.2; Crypto Analyst
2024年8月15日 - 7:00AM
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Dogecoin has certainly dipped quite far from its highest point so
far this year. While this sideways movement and a recent correction
have lingered on for quite some time, the price action is a
reflection of the wider crypto market movement. However, DOGE
continues to attract bullish opinions among traders. Its popularity
and status as the largest meme coin continue to generate optimistic
sentiment within the trading community. Crypto analyst Astronomer
believes DOGE is still prime for a strong bull run on the technical
side of things. According to Astronomer, the current price
structure of DOGE demonstrates a relative strength that sets it
apart from other cryptocurrencies price action since Q4 2023,
suggesting that the coin has the potential to recover and even
thrive in the near future. DOGE On Track To Rally Above $0.2
Astronomer’s DOGE technical analysis, which he shared on social
media platform X, is based on the cryptocurrency’s price action
since the fourth quarter of 2023. The crypto market kickstarted its
recent market cycle in Q4 2023 after the applications of Spot
Bitcoin ETFs by BlackRock and others. Related Reading: Bitcoin
Flashes Inverted Triangle, Analyst Peter Brandt Explains What This
Means This event marked the end of a multi-year bearish cycle,
leading to bullish sentiment across the entire crypto market. As a
result, many cryptocurrencies experienced substantial price
increases, which pushed them to reach new multi-year highs.
Although many market participants might argue the market is still
largely in a bullish cycle, many cryptocurrencies have corrected
even below Q4 2023 prices. However, Astronomer notes that DOGE
stands out in this regard, as it has managed to maintain a price
level above its Q3 2024 value. At the time of writing, DOGE is
trading at $0.1057. Although the meme coin is still up by 29% from
its price in the beginning of the year, it has corrected 52% from
its yearly high of $0.22. Additionally, DOGE has corrected by 12%
from its Q3 2024 opening price of $0.121; a pivotal price point.
According to crypto analyst Astronomer, all the cryptocurrency
needs now is to break above a new local high to solidify the return
of a bullish price run. Price Targets For Dogecoin In terms of a
price target, the Dogecoin/Tether US price chart shared by the
analyst predicts DOGE will double its current value and climb back
above the $0.22 price point later this year. The analyst’s
projections are even more bullish, suggesting that DOGE could
surpass $0.26, which would represent a remarkable 145% increase
from its current trading price. Related Reading: Analyst Says XRP
Price Will Rally 10,400% To $60, Here’s When However, the recent
DOGE price action suggests various resistances before $0.22.
Nonetheless, the analyst remains confident that once DOGE
successfully breaks through this local high, it could trigger a
renewed and sustained upward movement, further fueling the bullish
sentiment surrounding the coin. Featured image created with Dall.E,
chart from Tradingview.com
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