Analyst Says Dogecoin Ready for Round 2, Reveals Next Target

A market analyst suggested that Dogecoin is ready for a new wave of bullish rise, with its new target above the 2021 all-time high.

Bitcoin exceed $100,000 relayed the bullish momentum to the meme alpha coin Dogecoin (DOGE). The largest coin by market capitalization saw a 4.4% surge over the past 24 hours, hitting an intraday high of $0.46550.

The price rise resonated throughout the crypto community, opening new analytical perspectives for the asset. Among others, Ceciliones, a market observer, insisted that Dogecoin is poised for a repeat of its famous November surge, setting a new target for the asset.

Analyst Says Dogecoin Ready for Round 2

In the news about DogecoinIn a TradingView analysis Today, market commentator Ceciliones inferred that Dogecoin is preparing for another bullish recovery. His comment suggests that the main coin would target a go up to $1 this time.

Notably, Ceciliones based his price assertion on Dogecoin consolidating on a bullish pennant pattern. He accompanied his analysis with a DOGE/USDT 12-hour chart confirming the impending price rise.

As Dogecoin bullishly challenges the pennant price pattern, the commentator suggested that it will rise 128% from its current market price at $1. Notably, the meme coin is trading at $0.43787 at press time.

Dogecoin shows bullish momentum over shorter time frame

Meanwhile, pseudonymous analyst NOS4RA2x suggested that Dogecoin’s bullish momentum is now evident in a 4-hour time frame. The analyst updated his TradingView analysis Wednesday evening, showing an imminent bullish breakout for DOGE.

Additionally, the anonymous commenter pointed out a bullish ascending channel, which he said “looks pretty juicy.” His comment shows that he expects DOGE to cross the 1.618 Fibonacci extension at $1.15627.

Notably, this analysis matches market commentator Jacob Canfield’s price expectations. The speculator note in a recent price assertion that Dogecoin would target $1.15, inferring that the meme coin would reflect The bullish explosion of XRP.

Meanwhile, a TradingView analysis confirms the prevailing bullish momentum for Dogecoin. The MACD indicator has crossed bullishly, suggesting that Dogecoin will see more upside from its current price.

A relative strength index (RSI) of 61 also confirms that the asset is still within range of a resurgence. Notably, an RSI above 70 shows that an asset is overbought and likely to correct.