Dogecoin (DOGE) is projected to break new yearly highs “any moment now,” according to a bullish price analyst. DOGE is currently testing a crucial demand level after experiencing a 23% decline from its local highs of $0.13. Members of the crypto community remain bullish on the asset, predicting a surge to come. One analyst in particular is focusing on DOGE’s current yearly highs, saying that they may be breached very soon.
DOGE analyst Mister Crypto has shared a bullish outlook, stating that Dogecoin could begin its next rally “any time now.” Mister Crypto’s technical analysis highlights key support levels, suggesting that the current price could be set to boom.
Dogecoin has seen massive volatility, reflecting the broader market’s uncertainty. Mister Crypto’s analysis highlights a 4-day (4D) price chart, where a bullish triangle pattern has been breached. The breakout is a surefire signal that a breakout is coming, although a timetable is hard to determine. Now, Mister Crypto’s forecast has sparked hope among Dogecoin traders that a surge beyond 20 cents is possible again.
Also Read: Dogecoin: AI Sets DOGE Price For October 15, 2024
Dogecoin On The Rise?
Dogecoin has had a productive last 30 days, up 11% in the period. This comes after the asset struggled to remain consistently above 10 cents throughout the summer. Its market cap is up 4% in the last 24 hours to $16.11 billion. However, a bull run has yet to be triggered. For this bullish scenario to occur, Dogecoin’s price must close above the current demand level and hold support.
Dogecoin is currently trading at $0.106 after experiencing an 8% dip since Monday. Its price has lost both the 4-hour 200 moving average at $0.107 and the 200 exponential moving average at $0.108. For bullish momentum to return, DOGE needs to break back above these key indicators and reclaim the $0.12 mark. On the flip side, if the meme coin fails to hold its current levels, analysts expect a deeper correction. This failure could drive the price down to around $0.08.