Crypto analysts are predicting that the Dogecoin (DOGE) price is gearing up for a significant rally that could propel it above the $0.4 level. Analyst Crypto Paradise has highlighted a bullish descending channel pattern forming on the DOGE chart, suggesting that a parabolic move could be on the horizon.
The analyst points to several key indicators that support this bullish outlook, including a bullish engulfing candle, bullish divergence, and a strong support zone. These technical factors suggest that DOGE could be poised for a significant upside move in the near future.
If the Dogecoin price does rally above $0.4, it would represent a significant psychological milestone for the meme coin. Such a move could potentially trigger a surge of buying pressure as more investors become interested in the cryptocurrency.
However, it’s important to note that this bullish scenario could be invalidated if DOGE closes a candle below the strong support zone. In that case, it may be wise for traders to step back and wait for better price action to develop before entering any positions.
Another analyst, Master Kenobi, has outlined two potential scenarios for the Dogecoin price going forward. In the first scenario, DOGE could repeat last year’s pattern and reach a peak by the end of February. Alternatively, the meme coin could mirror the August phase, where a pump followed an extended consolidation, with a peak reached in April or May.
If the latter scenario plays out and DOGE records a 6x price increase from its current local bottom, the cryptocurrency could potentially rally as high as $1.25 before peaking in mid-April or May. However, the analyst dismisses the possibility of a premature bear market, noting that it’s too early to entertain such a scenario in 2025.
As of this writing, the Dogecoin price is trading around $0.26, up over 1% in the last 24 hours. While the road ahead remains uncertain, the technical analysis and expert opinions suggest that DOGE could be on the verge of a significant upside move.
Tags: Dogecoin price prediction, DOGE technical analysis, crypto market outlook, altcoin rally, meme coin investing
Source: https://bitcoinist.com/dogecoin-preparing-for-upsurge/