Dogecoin (DOGE) price, a major meme-based cryptocurrency, experienced a volatile week, plunging 20% at hitting support areas. However, DOGE rebounded as the broader crypto market showed signs of recovery. Analysts now suggest the token could surge 89% to $0.53, citing technical indicators. The recovery fuels optimism among investors anticipating a potential breakout in the coming weeks.
Expert Hints Dogecoin Price Primed for 89% Rally to $0.53
The Dogecoin trading range displays positive market characteristics which are found within descending parallel channels. The potential double-bottom pattern at the channel’s base suggests strong support areas leading to re-accumulation. Analysts indicate that price movement may change significantly when the market breaks out of its current range.
Market experts anticipate key price targets based on the ongoing trend. The short-term target is $0.29271, followed by a mid-term level of $0.42653. If bullish momentum sustains, DOGE could rally toward a long-term target of $0.52664, representing an 89% surge from current levels.
Fractals Suggest DOGE Likely to Hit $0.706
Dogecoin price recently dropped sharply, dipping below its established range before bouncing off the 200-day SMA. This deviation aligns with previous fractal patterns where DOGE initially lost support but quickly reclaimed key levels before an exponential rally.
The key range low sits around $0.262, while the mid-range resistance is near $0.356, with a significant resistance zone at $0.483.
If history repeats itself, the meme coin could reclaim its range low and push toward the mid-range resistance of $0.356 before attempting a breakout.
A successful move beyond $0.483 would confirm bullish momentum, potentially leading DOGE toward its 1.618 Fibonacci extension target at $0.706. If momentum remains strong, DOGE could test the psychological $1 level.
DOGE Price Analysis
The latest DOGE price is at $0.26978, slightly rebounding 5% after touching key support at $0.25. The cryptocurrency has seen increased volatility, bouncing from recent lows and testing support near the $0.36 mark.
The Relative Strength Index (RSI) is at 41, signaling an attempt to recover from oversold conditions. The Moving Average Convergence Divergence (MACD) shows a weak bullish crossover. The MACD line has turned slightly positive, suggesting early signs of a potential trend reversal.
Dogecoin Price Chart: TradingView
Dogecoin price prediction outlook remains bullish as technical indicators align with historical fractals, supporting a potential rally. Analysts highlight a double-bottom formation, suggesting accumulation near key support levels. If DOGE maintains momentum, it could reach $0.53 and extend toward $0.706.
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