Dogecoin Well Poised for a 281% Surge to $0.6542: Analyst
Dogecoin has held crucial support, and analysis suggests the meme coin could be well on its way to a strong rebound near its all-time high.After months of steep price retracements, the prominent meme coin has found solace at a major support area. Before now, Dogecoin had faced intense downside pressure, correcting 64% from its three-year peak of $0.4846 in December.However, the asset has recently shown momentum, bouncing 17% from a low of $0.1432 last week to close at $0.1677. Interestingly, the rebound saw DOGE form a dragonfly doji candlestick, fueling optimism of further upsides.Dogecoin Showing Bullish SignsAmid the recovery effort, an analysis from Rose Premium suggests Dogecoin looks primed for a dazzling uptrend to higher prices. In a TradingView idea, the market watcher identified the building bullish momentum on the assets price chart.The commentary highlighted that Dogecoin shows signs of a possible breakout from a multi-month falling wedge. The bullish structure started developing after the meme coins surge to $0.4846 in December, with DOGEs recent defense of the $0.14750 support spurring an uptrend toward the tip of the channel.While Rose Premium stressed the importance of holding the support line, the analyst emphasized that continuing the bullish momentum could spur a meteoric surge to $0.6542. The commentary marked the price mark, 281% away from Dogecoins current price at the final target, with take profit (TP) points 1 and 2 at $0.4638 and $0.5534, respectively.
Text source: The Crypto Basic
