With the broader crypto market witnessing a bullish reversal, the Dogecoin value is once more seeking to reclaim the psychological $0.2 stage. Crypto analysts akin to Grasp Kenobi have advised that the main meme coin is primed to achieve new highs.
Dogecoin Worth Prepared To Breakout From Falling Wedge
In an X submit, crypto analyst Dealer Tardigrade acknowledged that the Dogecoin value is exhibiting a breakout from a falling wedge. This got here as he revealed {that a} bullish cross has occurred on the Stochastic Relative Power Index (RSI) biweekly chart. His accompanying chart confirmed that DOGE may break above the $0.2 value stage on this transfer.
Apparently, in one other X submit, Dealer Tardigrade predicted that the Dogeocoin value may quickly outperform the Bitcoin value. The analyst revealed that the present On-Stability Quantity (OBV) sample on the DOGE/BTC chart mirrors the earlier one. He added that this sample emerged simply earlier than the main meme coin outperformed the flagship crypto from October to December 2024.
The crypto analyst remarked that provided that each value motion and indicators present the identical sample, he believes the Dogecoin value will quickly “drastically” outperform Bitcoin. DOGE may get pleasure from huge positive aspects if it replicates it value efficiency from October to December 2024. The meme coin had underperformed for many of 2024 however ended the yr on a excessive because it went on to report probably the most year-to-date (YTD) achieve among the many high 10 cryptos by market cap.
Dealer Tardigrade additionally believes that one other bull run could also be imminent for the Dogecoin value. He revealed that DOGE has damaged all the way down to its Spherical Backside on this cycle. Based mostly on this, he asserted {that a} “huge” bull run is imminent for the main meme coin. His accompanying chart confirmed that DOGE may attain as excessive as $2.8 when it data this huge bull run.
Replace On The DOGE Macro Chart
In an X submit, crypto analyst Grasp Kenobi offered an replace on the macro chart for the Dogecoin value. He acknowledged that the macro chart and a comparability of the present configuration with the scenario in 2017 reveal that the meme coin has all the required substances for a “huge” pump.
The crypto analyst additionally revealed that the 21-day EMA on the 3-day chart signifies that the Dogecoin value present outlook is bullish. He remarked that further components akin to bullish divergence and the breaking of the trendline on the Relative Power Index (RSI) additionally reinforce this bullish outlook. It’s price mentioning that the analyst just lately predicted that the main meme coin may rally to a brand new all-time excessive (ATH) by June.
On the time of writing, the Dogecoin value is buying and selling at round $0.18, up within the final 24 hours, in keeping with information from CoinMarketCap.
Featured picture from Getty Photos, chart from Tradingview.com
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