Expert Sets $1 Target For Dogecoin Once It Breaks A Multi-Year Trend – Details
Dogecoin faced a wave of selling pressure yesterday, falling sharply by 14% from $0.39 levels. The decline prompted investor caution, but Dogecoin remained resilient, maintaining key demand levels. This area could be crucial to the meme coin’s trajectory, as sustaining this support could set the stage for a fresh rally to new highs.
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Top analyst CROW recently shared a technical analysis of X, highlighting Dogecoin’s potential to break out of its multi-year trendline. According to CROW, such a breakthrough would be a game-changer and set Dogecoin up for a positive rally. He said $1 is just the first target in a series of upward moves that could redefine the market’s view of DOGE.
The next few days will be crucial Dogecoin struggles to maintain current demand zone and the possibility of deeper corrections. With market sentiment divided and broader crypto uncertainty, all eyes are on Dogecoin to see if it can capitalize on its strong demand and push to revive its bullish narrative. Investors remain optimistic, awaiting confirmation of DOGE’s next big move in the ever-volatile cryptocurrency market.
Dogecoin Ready to Breakout
Dogecoin is holding on to $0.34, a key level that previously acted as supply but has now transformed into a strong demand area. This price action highlights a significant shift in market dynamics for DOGE and is fueling investor optimism. As the meme coin leader continues to set higher highs, the next target is located in higher supply areas, which could pave the way for further bullish momentum.
Recent Top Analysts CROW Shares compelling technical analysisunderlining Dogecoin’s huge potential. According to CROW, $1 is just the first major milestone for DOGE coming out of a multi-year downward trend that started in 2021. Breaking away from this long-term bearish structure would not only solidify Dogecoin’s position as a market leader but also open the door to price discovery, a term often associated with explosive gains.
CROW’s analysis noted that Dogecoin’s chart shows strong signs of accumulation, a critical stage in the market cycle that usually precedes a large-scale rally. If DOGE manages to regain $1 levels, it could trigger massive buying pressure, pushing the price into uncharted territory. This potential shift highlights Dogecoin’s ability to capture market attention and maintain its position as the top-performing cryptocurrency.
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With market sentiment cautiously optimistic and key technical indicators correcting, Dogecoin appears ready to embark on a new chapter in its journey. Investors are keeping a close eye on its moves near $0.34, awaiting a breakout that could signal the start of an extraordinary rally.
Price action shows strength
After completely breaking through the $0.39 mark, Dogecoin is currently trading at $0.34, with a considerable supply. Despite the recent decline, price action shows strength as DOGE manages to maintain its current levels as a key demand area. This resilience suggests that Dogecoin has the potential to rebound if broader market sentiment shifts positively.
A market-wide recovery could set the stage for Dogecoin to challenge last year’s highs. The key level to watch is $0.43 – reclaiming and holding this level would signal a massive bullish breakout. Such a move could create significant buying pressure, pushing DOGE into a new phase of upward momentum and possible price discovery.
However, downside risks remain. If Dogecoin fails to hold $0.33 levels, selling pressure could intensify, leading to a deeper pullback. Investors are keeping a close eye on these key levels as markets go through a period of uncertainty.
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For now, DOGE’s ability to maintain the current demand zone is a positive sign, suggesting that the meme token still has the potential to recover strongly and rise significantly in the coming weeks.
Featured image from Dall-E, chart from TradingView
