Dogecoin has slowed after a significant parabolic rise seen in recent weeks, sparking speculation about its near-term performance. However, given several positive developments around its price, crypto analysts predict that another notable rise could be in the works, possibly pushing the meme coin to a new all-time high.
A new all-time high on the way for Dogecoin?
Dogecoin’s potential to reach a new high in the ongoing bull cycle has sparked strong optimism and confidence within the crypto community, as many bull market predictions show. highly anticipated gathering emerge quickly. One of the most recent predictions comes from Trader Tardigrade, a market expert and investor who hinted to an imminent 200% spike for DOGE in the coming weeks.
Highlighting strong technical indicators such as the Relative Strength Index (RSI), Trader Tardigrade forecasts a significant uptrend for Dogecoin, leading to a new all-time high. Its forecast highlights changing market dynamics, with retail and institutional players changing their positions in anticipation of future price growth.
According to the market expert, this key indicator that tracks the dynamics of a crypto asset has moved from the oversold zone on the 4-hour chart of DOGE. This upward movement suggests bullish momentum as the dog theme coin aims to recover several crucial price levels.
It is important to note that Dogecoin has seen a 40% and 200% surge following recent RSI rebounds from the same oversold zone. Meanwhile, the pump intensity increases even more at this moment, indicating a much bigger rally could be on the horizon.
As a result, Trader Tardigrade is confident that Dogecoin could see a huge spike of 200% and beyond, ultimately resulting in a new absolute record for the coin itself, the expert placing the next target at the $1.15 mark.
Since the RSI recovery indicates a resurgence of buying interest in the market, potentially leading to further price increases, traders and investors are currently watching for confirmation of a trend reversal in order to reassess their portfolios .
DOGE is ready for another major rally
Another Critical Technical Indicator Trader Tardigrade quoted What suggests further upward movement for Dogecoin is the Moving Average Convergence Divergence (MACD). Specifically, this metric helps identify market trends, dynamics, and possible entry or exit points.
After investigating DOGEFollowing recent price action, particularly on the 4-hour time frame, trader Tardigrade highlighted that a Golden Cross signal has emerged below the zero MACD line.
Typically, a Golden Cross signal develops when a short-term moving average crosses above a long-term moving average, implying a change in market dynamics towards a favorable direction. This development is significant because it could trigger another massive bull run for the piece even if the trend continues in the coming days.
Featured image from Unsplash, chart from Tradingview.com