🚀 Dogecoin’s Price: Ready for a Surge or a Dip? 🌕

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A crypto analyst has shared a technical analysis suggesting that Dogecoin‘s recent price decline may be coming to an end. The analyst predicts that the meme coin is gearing up for a price rally toward $0.55. However, DOGE faces a final hurdle that could delay its ascent. 🐶🚀

Dogecoin Price Pattern Signals Impending Surge

Crypto analyst Cas Abbé has identified a perfect rounding bottom pattern on Dogecoin’s yearly chart, indicating a potential major rally to $0.55. This pattern often signals a possible start of a price reversal after a prolonged downtrend. 📈

The rounding bottom pattern suggests that Dogecoin has gradually built momentum despite its recent price declines. Abbé shared a price chart depicting the meme coin’s price movements from 2022 to the present. The yellow trendline at the top of the chart represents a resistance zone around the $0.4 and $0.55 mark. DOGE had previously tested this resistance zone but faced a rejection that pushed its price down to current lows. 📉

Abbé’s chart also highlights Dogecoin’s Relative Strength Index (RSI) momentum. The weekly RSI is approaching a support trendline around the 40 to 48.98 level. Historically, DOGE tends to reverse and move higher when RSI reaches this level. Based on the upward trajectory of the rounding bottom pattern, the analyst projects that the price could soon rally as high as $0.55. 📈

While this target will record a significant milestone for Dogecoin, it’s still well below its ATH of $0.65, attained during the previous bull market in 2021. Other crypto members have expressed excitement about Abbé’s prediction, forecasting even higher targets of $1 for DOGE. 🌕

Additionally, commentators like Dean Chapman have highlighted the potential impacts of a Dogecoin ETF on the meme coin’s future outlook. With news of Dogecoin ETF filings spread across the crypto space, it is possible that DOGE could experience a more substantial price rally akin to Bitcoin during its Spot Bitcoin ETF FOMO. 📈

One Final Dip Before The Rally?

Despite the optimistic outlook, Abbé cautions that Dogecoin may face a final decline before the anticipated rally. Technical indicators on the chart, particularly Dogecoin’s RSI and Moving Average Convergence Average (MACD), hint at a short-term pullback. 📉

Abbé predicts that Dogecoin will experience an initial decline towards the $0.19 to $0.20 range before finding solid footing for a price reversal. If the meme coin can successfully hold above this support range and break through resistance levels, DOGE could rally to the projected $0.55 target. This would represent a 120% increase from its current market value of $0.25. 🚀

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2025-02-10 23:43