Dogecoin Rally Gains Momentum: 20% Upside Target in Sight
- Dogecoin (DOGE) hs surgd 29.41% in th pst 24 hours, crossing th $0.20 mrk.
- This rlly is fuld by brodr mrkt optimism nd strong tchnicl indictors.
- Mrkt nlyst prdicts 20% ris to $0.25, with furthr potntil to rch $0.38 if th cup-nd-hndl pttrn complts.
Dogecoin (DOGE), th mm-inspird cryptocurrncy, is xprincing significnt pric surg, climbing ovr th $0.20 mrk nd rcording n imprssiv 29.41% incrs in th pst 24 hours. This imprssiv rlly coincids with brodr mrkt upswing, with Bitcoin rching nw milston bov $75,000 nd th U.S. prsidntil rc fuling invstor sntimnt.
Price Action Signals Further Gains
Th currnt mrkt sntimnt is ovrwhlmingly positiv, with bullish wv swping through th cryptocurrncy lndscp. DOGEs upwrd trjctory rflcts this incrsd invstor confidnc. Currntly, th pric sits t $0.2072, dmonstrting sustind dominnc bov th criticl psychologicl brrir of $0.20.
On th tchnicl front, Dogecoin displys strong momntum, forming sris of highr highs nd highr lows, hllmrk of n mrging bullish trnd. Th dily chrt rvls flling-wdg brkout pttrn, historiclly known for signling potntil upwrd momntum.
Notbly, DOGE hs producd thr conscutiv bullish cndls in th lst thr dys lon, rprsnting robust 45.83% gin from its rcnt 7-dy low of $0.1420. This pric ction highlights th growing buying prssur nd rinforcs optimism mong trdrs nticipting furthr gins.
Furthrmor, ky tchnicl indictors r ligning with th currnt uptrnd. Th rcnt crossovr of th 50-dy nd 200-dy simpl moving vrgs (SMAs) suggsting potntil long-trm uptrnd. Additionlly, th MACD nd signl lins rmin in positiv configurtion, voiding ny potntil ngtiv crossovr, whil bullish histogrms continu to xpnd. DOGEs pric rchd 24-hour high of $0.2193, indicting potntil for nw nnul high soon.
Dogecoin Eyes 20% Rise to $0.25
A closr xmintion of th 4-hour chrt rvls nothr bullish flg pttrn brkout, cting s significnt drivr of th ongoing rlly. This brkout nbld DOGE to brch th 161.80% Fiboncci xtnsion lvl t $0.2031, signifying strong upwrd momntum.
This pric ction suggsts potntil post-rtst rvrsl, which my objctivly driv DOGEs pric towrd th nxt trgt t th 261.80% Fiboncci lvl, stimtd t $0.2497 20% incrs from currnt lvls.
Mrkt nlyst Crypto Jibrh furthr mphsizs th bullish potntil by pointing out th formtion of cup nd hndl pttrn on th wkly chrt. H commntd, $DOGE is forming mssiv cup nd hndl pttrn on th wkly. Onc $DOGE brchs 22 cnts with confirm wkly cndl thn th pric trgt is 38 cnts. This pttrn is known for its bullish implictions, suggsting tht brk bov th $0.22 rsistnc lvl could pv th wy for n cclrtd ris towrds $0.38.
With th ongoing momntum, Dogecoin prsnts short-trm upsid potntil of round 20%, supportd by fvorbl tchnicl indictors nd ovrll mrkt sntimnt. Howvr, invstors should xrcis cution s thr rmins possibility of downsid risk. If DOGE fils to hold its currnt lvls, it might rtst th prvious swing high of $0.1797, rprsnting potntil 13.27% drop. Dspit this risk, currnt indictors suggst lrgly bullish outlook for Dogecoin in th immdit trm.
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Text source: TronWeekly
