- Dogecoin (DOGE) surged 9.33%, reaching $0.46, driven by Bitcoin’s $100,000 milestone and bullish market sentiment.
- Analysts predict a potential upside of 127%, targeting $1, supported by technical patterns like bullish pennants.
- Robust accumulation data, rising A/D levels, and an RSI of 69.92 highlight strong buying momentum.
Dogecoin is riding a bullish wave, following Bitcoin’s explosive rise beyond $100,000. The largest coin by market capitalization surged 9.33% over the past 24 hours, hitting an intraday high of $0.46, according to CoinMarketCap. This rise has reignited optimism within the crypto community, with analysts closely examining Dogecoin’s next moves.
A prominent analyst, Rekt Capital, note that the price of Dogecoin closely reflects the dynamics of Bitcoin. In its analysis, the meme coin retests the top of an ascending triangle pattern as support, a critical phase for confirming a breakout. He stressed the importance of this new test as a precursor to a substantial price increase.
Another analyst, Trader Tardigrade, drew attention to Dogecoin’s 4-hour chart, presentation a breakup of a symmetrical triangle pattern. This breakout sets a target of $0.55, signaling a potential uptrend. Tardigrade believes this breakout marks the start of a potential uptrend for DOGE.
The bull pennant signals a 127% increase
December 5, Ceciliones, analyst at TradingView predicted an even bigger increase for Dogecoin, suggesting the meme coin could aim for $1 in the near term. His analysis is based on Dogecoin consolidating into a bullish pennant pattern, a classic setup for explosive price action.
To support his claim, Ceciliones shared a DOGE/USDT 12-hour chart that hints at a 127% price increase from its current level. At the time of writing, Dogecoin is trading at $0.44, further strengthening the possibility of hitting the $1 milestone. His projection aligns with similar predictions from Jacob Canfield, who posits that DOGE could mirror XRP’s previous bullish burst and climb to $1.15.
Investors seem to share this optimism. Data from the Accumulation/Distribution (A/D) indicator reveals a rising figure of 201.79 billion, highlighting strong buying interest. Rising A/D levels indicate growing confidence in Dogecoin market sentiment, with investors piling in in anticipation of further gains.
Indicators Signal Dogecoin Momentum
Technical indicators further support DOGE’s bullish outlook. The Bollinger bands are showing significant widening, suggesting increased market volatility. The meme coin’s price remains near the upper band, reflecting sustained buying pressure. Meanwhile, the 20-day simple moving average provides strong support at $0.4057, reinforcing the uptrend.
DOGE’s Relative Strength Index (RSI) currently stands at 69.92, close to the overbought threshold of 70. This indicates that while some traders can take profits in the short term, there is still room for additional benefits. upward movement if the upward momentum persists.
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