Coin World Report:
The price of Dogecoin is currently $0.14, but it won’t last long. According to a cryptocurrency analyst, technical analysis suggests that Dogecoin is preparing to reach $0.68. This interesting viewpoint from the Meme Coin King has emerged in the midst of increased activity in its ecosystem, indicating that prices may soon experience significant volatility.
Based on technical analysis conducted by cryptocurrency analyst Dave The Wave using technical indicators including Fibonacci retracement, Dogecoin currently appears bullish and is challenging its all-time high. The price chart of Dogecoin shows an upward trend.
Dave The Wave is a renowned cryptocurrency analyst known for accurately predicting the Bitcoin crash during the bull market in 2021. He shared his insights on the current price trend of Dogecoin on social media platform X. Therefore, Dave The Wave’s analysis has caught the attention of his followers, with many of them believing in his market insights given his track record.
His analysis is based on the movement of Dogecoin within a 1-day candlestick timeframe. In his analysis, Wave Dave points out that DOGE seems to be on the edge of breaking out from an ascending triangle pattern. Previously, the meme coin successfully broke out of a descending triangle structure earlier this month.
Since that breakout, Dogecoin has maintained an upward trend and experienced a stable rebound. Now, the meme coin is retesting the resistance level aligned with the newly formed top of the ascending triangle.
Based on this price trend, Dave The Wave is optimistic about the prospects of Dogecoin. To support his prediction, he uses Fibonacci retracement tool to determine potential price targets. He emphasizes the 0% Fibonacci retracement level, which is based on the retracement from the historical high of DOGE in 2021, and points out that the ultimate target is approximately $0.687. Achieving this target would mean a surge of about 725% from the breakout point of the descending triangle pattern.
Source: X
Can DOGE reach a new all-time high?
Although technical analysis paints a rosy picture of the journey towards a new all-time high for Dogecoin, it is not without challenges. One key challenge is the existence of significant resistance areas. Dave The Wave highlights the key resistance level near the 2024 high of $0.22 and another resistance level at $0.32, both of which could dampen the upward momentum of Dogecoin.
At the time of writing, the price of Dogecoin is around $0.14, experiencing a loss of approximately 3% in market value over the past 24 hours. In the past 48 hours, DOGE has faced multiple rejections in its attempts to break through the $0.148 level. This price level now seems to be the next immediate resistance that Dogecoin must overcome before reaching higher levels.
Source: Tradingview.com
