Dogecoin Price Signals a Bullish Trend with Ambitious Targets

Crypto analyst Trader Tardigrade has pointed out that Dogecoin's price is currently following a bullish signal, which could lead to a rally exceeding the $0.15 mark. This development coincides with a broader recovery in the cryptocurrency market, where Bitcoin recently soared to new yearly highs above $97,000.

Key Takeaways

Dogecoin is showing a bullish signal that may lead to a price rally above $0.15.
The broader cryptocurrency market is experiencing gains, with Bitcoin recently hitting above $97,000.
A critical price level to watch is $0.154, which could trigger a surge above $0.16 for Dogecoin.
Insightful analysis suggests possible price targets for Dogecoin could reach $4.5, depending on market trends.
Currently, Dogecoin is trading at about $0.143.

Dogecoin

Dogecoin Aims for a Rally Beyond $0.15

In a post on X, Trader Tardigrade indicated that Dogecoin's price may break the $0.15 threshold after bouncing off the Kumo support, marking a key bullish signal. This price movement occurs amid an overall rise in the cryptocurrency market, with several major digital assets recording substantial gains, as Bitcoin approaches the significant $100,000 milestone.

Further insights shared by Trader Tardigrade revealed that Dogecoin has formed a bull flag on its weekly chart, aiming for the $0.195 price target. This rise would bring the popular meme coin closer to the psychological threshold of $0.2, and surpassing this level could set the stage for new local highs.

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Source: Chart from Trader Tardigrade on X

Crypto analyst Crypto Tony emphasized that the $0.154 level is crucial for Dogecoin to embark on its next upward movement. His analysis suggests that reclaiming this level could trigger a rally above $0.16. A potential catalyst for this upward momentum might be the renewed interest in Dogecoin ETFs, which have seen stagnant inflows since January 14, despite the recent price surge. However, demand for these ETFs had significantly increased at the beginning of the year when DOGE experienced a rally to approximately $0.15, establishing it as one of the top-performing digital assets among the top 10 by market capitalization.

What Lies Ahead for DOGE as it Strives for New Heights

In a recent post on X, crypto analyst Kevin Capital mentioned that a successful retest followed by the formation of a new local high would confirm that Dogecoin has emerged from its corrective phase. He also observed that DOGE, similar to BTC and numerous other altcoins, has recently returned to and successfully tested its crucial 4-hour moving averages after breaking above them, which signals an end to its major corrective phase. According to Kevin Capital, achieving a new high would require surpassing the $0.157 mark.

On a broader note, crypto analyst Bitcoinsensus speculated that Dogecoin could potentially surge to as high as $4.5 if it is indeed following its macro cycle pattern. The analyst mentioned that throughout this cycle, the meme coin has remained stable, primarily moving sideways. Therefore, it remains to be seen whether this cycle can prove to be as explosive as previous ones.

As of the time of writing, Dogecoin's price stands at approximately $0.143, reflecting a decline over the past 24 hours, according to CoinMarketCap data.

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DOGE trading at $0.14 on the 1D chart | Source: DOGEUSDT on Tradingview.com