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Dog-Themed Cryptocurrency Dogecoin (DOGE) surged nearly 25% in the past 24 hours, hitting an intraday high of $0.4807 during Saturday’s trading session.
Dogecoin has reached its highest price this year, as altcoins post massive gains as Bitcoin approaches the $100,000 mark.
In a recent tweet, Ali Martineza crypto analyst, shared his bullish outlook on Dogecoin saying: “Dogecoin DOGE is in the middle of a bullish breakout to $0.82.”
Ali shared a chart of Dogecoin, indicating a triangle pattern with a potential breakout target of $0.82.
This prediction fueled increased optimism that DOGE could reach new all-time highs. At current levels, Dogecoin would need to rise by almost 42% to reach the $0.82 target.
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A rise to $0.82 would imply Dogecoin surpassing its previous all-time high of $0.7376 reached on May 8, 2021. At the time of writing, Dogecoin was up 23% in the past 24 hours to reach $0.475, but down 36.11% from its all-time high. a maximum of $0.737.
Dogecoin nevertheless made significant increases over the week and month, with CoinGecko data indicating that it is up 27% and 245% over the past seven and thirty days.
Dogecoin jumps on market optimism
Dogecoin has been rising over the past three days, with today’s increase being the highest. Dogecoin rose from a low of $0.4 to a high of $0.48, a level not seen since May 2021, producing a giant green candle during today’s trading session.
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The dog coin’s run had previously stalled after its rise to a high of $0.439, but DOGE began rising again from a low of $0.369 on November 21.
Ascending moving averages and the RSI in the overbought zone signal a buying advantage. If the bulls push the price above $0.48, Dogecoin could rise to $0.50 and then to $0.59. Further upside could approach the current all-time highs of $0.73 and $0.82.
In the event of a decline, immediate support is envisaged around $0.33 ahead of $0.29 and $0.25.