Dogecoin It is believed to increase significantly in the current market cycle to new levels due to past trends, with each cycle performing better than the previous one. As the community awaits the rally, a crypto analyst has highlighted several exit points for investors to avoid substantial losses.
Profit-taking zones for Dogecoin at bold levels
While Dogecoin presents the potential for a huge boost in this bull cycle, determining an ideal entry and exit point is crucial to deal with incoming volatility. As a result, Trader Tardigrade, a market expert and trader, has offered essential navigational tips for investors by outlining the key profit-taking areas for DOGE.
This warning message follows increased attention to Dogecoin among traders and investors, with its recent rising price momentum attracting large capital inflows. Furthermore, the strong optimism of these investors strengthens DOGE’s position as the leading coin in the crypto asset market.
The Tardigrade trader’s outlook depends on the breakout of the past cycle, which caused a major rebound to a market top and a new all-time high for DOGE. Considering the possibility of the trend repeating during this cycle, the market expert has placed his profit zones for the coin between $10 and $30.
“Based on the latest cycle, this could suggest that your goal for DOGE in the current cycle,” he said. Thus, Trader Tardigrade urged investors to start collecting profits at the $10 price level as the rally progresses, indicating his confidence in the meme coin’s potential to reach between $10 and $30.
Expert’s Belief in an Imminent Major Rally for Dogecoin Takes Further reinforced by a record monthly close in November, sparking excitement and speculation of an extended bull run within the community.
In November, Dogecoin saw a huge candle rise from a low of $0.142 to a high of $0.480, indicating a notable increase of over 237% in the month alone. For this reason, Trader Tardigrader claims that the first candle of the bull rally has just been lit, highlighting a powerful start for the dog-themed meme coin.
Will DOGE’s bullish momentum continue?
Dogecoin has been one of the best performing digital assets in the current bull market. Over the past few weeks, DOGE posted significant gains, raising the possibility of further price growth.
Although the meme coin saw a decline as low as $0.39 on Monday, it started to rise again, attracting a rise of almost 2% over the past day. Meanwhile, over the past week and month, the meme coin has increased by over 9% and 178%, respectively.
Several key factors, such as persistence whale accumulations and speculation about DOGE potentially being integrated into future X payments, may have triggered its notable recovery in the current cycle.
Featured image from Unsplash, chart from Tradingview.com