Dogecoin (DOGE) is showing potential for a bullish breakout according to a crypto analyst. In a recent tweet, the analyst pointed out that there is a possible breakout on the weekly chart and that the cryptocurrency is nearing the final stages of consolidation before major price action. The chart resembles previous price spikes, indicating an explosive price increase in the near future.

In addition, the analyst also looked at the monthly chart, where he revealed important cycles in which Dogecoin (DOGE) has experienced intense impulsive movements. These cycles with certain consolidation phases suggest that in the near future, the cryptocurrency may experience another strong price surge.

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Possible Increase Like 2021

The crypto analyst was optimistic that Dogecoin (DOGE) would experience a major increase and made a comparison with 2017. After the successful breakout and retest, the structure of the coin seems ready for a parabolic explosion. This action is a reflection of the 2021 trend on the monthly chart and will bring a more aggressive rally. The analyst is targeting 10x to 33x growth with a price target of $2 to $5.

Possible Dogecoin Breakout or Price Drop

Currently, the price of Dogecoin (DOGE) is at $0.17, showing a decrease of 2% in the last 24 hours. The market is showing a consolidation trend with the price moving between the support level at $0.17 and the resistance level at $0.18. A tipping point above $0.18 will probably trigger an increase, and the short-term targets are at $0.19 and $0.20. Dogecoin (DOGE) price analysis remains bullish in the short term.

The Relative Strength Index (RSI) stood at 49, indicating a balanced market, neither overbought nor oversold. Meanwhile, the Moving Average Convergence Divergence (MACD) shows a minor bearish indicator with the MACD line below the signal line, indicating possible downward pressure.

Conclusion

Given the indications from analysts and current market trends, Dogecoin (DOGE) has the potential to experience a significant price increase. However, it is important to note that the crypto market is highly volatile and price predictions can change quickly. Investors and traders should always do their own research and consider all risk factors before making an investment decision.

Also Read: Bitcoin Poised to Surge After US Government Shutdown Deal: History Repeats?

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

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