Analyst Identifies Two Scenarios For Dogecoin Price to Reach $0.70
An analyst has presented various scenarios through which Dogecoin could soar back to its all-time high based on a rising channel.Over the past 24 hours, Dogecoin has attempted a recovery above the $0.161 level several times but has faced significant resistance. During this press, Dogecoin is trading at $0.1594, down 3.5% over the past day.DOGE has also plummeted by over 7% in the past 14 days. Amid this dip, analysts are offering insights into potential future movements for Dogecoin, noting key levels and trends to watch.Two Scenarios for Dogecoin to Rebound to $0.7One notable analysis comes from "FuaCompany," a TradingView account presenting a monthly DOGE chart against USDT. This chart shows DOGE moving within a rising channel, identified by two parallel lines. This pattern indicates that the price has been bouncing between these boundaries, reflecting higher highs and higher lows. FuaCompany highlighted two potential scenarios for Dogecoins future price action based on this pattern.In the first bullish scenario, Dogecoin may continue to respect the rising channel. If the price hits the lower boundary of the channel, it could bounce back, leading to further upward movement. The chart shows a previous instance when DOGE bounced at the lower boundary around $0.05, then surged toward the upper boundary.Alternatively, a bearish correction before rebound is also possible. In this scenario, the price could drop sharply to the lower part of the channel, potentially falling below it to around $0.08 before recovering. Meanwhile, despite these short-term fluctuations, both scenarios point toward a potential long-term target of $0.70. Notably, the price target would DOGE within arm's length of reclaiming its 2021 all-time high of $0.73.
Text source: The Crypto Basic
