Bitrabo Editorial
The price of Dogecoin has seen remarkable strength recently, fueled by a surge in the meme coin market as investments pour into cryptocurrency. A notable highlight was when it broke through the $0.12 barrier, marking a significant shift from a lengthy downtrend. An earlier analysis indicated that $0.12 was a critical level for the meme currency.
This rise might signal the start of a wider Dogecoin rally. Many crypto experts and meme coin supporters support this optimistic viewpoint. Among them, trader Crypto Rand noted that DOGE is gearing up for major price action, reinforcing the growing momentum.
Dogecoin’s Target: The Moon
Crypto Rand recently shared insights on Dogecoin’s performance through social media platform X, using a chart featuring Dogecoin/TetherUS for his analysis. He pointed out Dogecoin’s remarkable breakout from a prolonged downtrend that began in April.
When he released his evaluation, DOGE had just crossed the $0.11 threshold and was approaching a vital resistance point at $0.12. The analyst stressed the significance of this price movement and advised investors to seize the chance while observing various potential rally levels.
“Don’t Miss $DOGE, Loading The Moonshot!”
Since Rand’s initial post, Dogecoin has gained further traction, validating his optimistic forecast. DOGE has successfully surpassed the $0.12 mark for the first time in two months, indicating that the breakout is solid.
Rand followed up with an update, confirming Dogecoin’s advancement and reiterating that the anticipated “moonshot” is in progress. The analyst identified other key price targets to monitor as the rally continues. Currently, the immediate focus is a 16% gain up to $0.14, with further targets at $0.17 and $0.225, representing increases of 42% and 88% from $0.12.
Don’t miss $DOGE, loading the moonshot!
pic.twitter.com/Dqrs8902eW
— Crypto Rand (@crypto_rand) September 26, 2024
Is DOGE Set for New Yearly Highs?
Rand’s viewpoint resonates with many in the meme coin community and crypto market, who interpret Dogecoin’s current performance as a sign of greater potential gains ahead. Veteran trader Peter Brandt also weighed in with a similar assessment of Dogecoin’s breakout from its downtrend.
Brandt pointed to a target for DOGE just above this year’s peak of $0.22. Additionally, analyst Ali Martinez utilized indicators like the RSI and SuperTrend to suggest that the breakout was indeed valid.
As of this writing, DOGE is priced at $0.123, showing a 17% increase over the past week. Looking ahead, DOGE appears to have clear potential to reach the $0.14 level with minimal resistance based on volume data from IntoTheBlock, indicating an likely smooth ascent towards that goal.
Image credit to Pinterest, chart from TradingView