Crypto Analyst Crypto Paradise has increased the possibility that the Dogecoin price records another explosive rally above the Psychological level of $ 0.4. The analyst has highlighted a bullish scheme, which proves that the first play of memes could attend this parabolic decision.
Why the price of Dogecoin could soon reach $ 0.4
In a TradingView PostCrypto Paradise predicted that the Dogecoin Prize could soon reach $ 0.4 and explain why this parabolic decision was on the horizon. The analyst has revealed that Doge is currently training a descending channel modelAnd things are starting to be “interesting” for the first piece of memes.
He also noticed that the price of the Dogecoin had printed a engulfing candle increased directly on the support line, supported by optimistic divergence and a key support area. Crypto Paradise noted that these are all strong signals according to which a bullish movement could be on the horizon for the first piece of memes.
Crypto Paradise also said that the Dogecoin price was to bounce back from the solid support zone if it is witnessing the sale of panic or a deeper retirement. However, to confirm this upward potential passage, the analyst noted that the market must witness a “I-Choch Haussier”, a W model, or a reverse head and shoulders forming on the lower deadlines before considering a bullish movement.
Meanwhile, on the other hand, the Crypto analyst mentioned that this optimistic perspective for the Dogecoin price could be invalidated if Doge closes a candle under the solid support zone. If this takes place, he advised that it is preferable to step back and wait for a better price action to develop rather than forcing a profession.
Two potential scenarios for DOGE
In a post X, crypto analyst Master Kenobi Describes two potential scenarios for the Dogecoin price and its future trajectory. First of all, he said that Doge could repeat the model of last year, with a peak reached at the end of February. For the second scenario, the analyst said that the most important meme piece could repeat the August phase, where a pump follows prolonged consolidation, DOGE reaching its peak in April or May.
The crypto analyst noted that he was leaned over to the second scenario. Given the August phase, he noted that the Dogecoin price had recorded a price increase of 6x after a violent drop. Measuring a 6x movement from the current local background of DOGE, Master Kenobi predicts that Dogecoin could rally to as high as $ 1.25 Before its price peaks in mid-April or in May.
The analyst also increased the possibility of a premature bear market scenario. However, he rejected this because he estimated that it is not wise to entertain such a possibility given that it is 2025.
At the time of writing this document, the Dogecoin price has been negotiated at around $ 0.26, which is up more than 1% in the last 24 hours, according to data from CoinMarketCap.
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