Dogecoin Price Prediction: Pundit Says Expect DOGE At $1.30 If This Level Holds

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Financial analyst Kevin (@Kev_Capital_TA) has made a bullish prediction for Dogecoin‘s price, estimating it could reach $1.30 under certain market circumstances. In his technical analysis posted on X (previously known as Twitter), Kevin highlighted the significance of a crucial support level and a bullish trend that is forming in Dogecoin’s price movement.

Key Support Level At $0.26 Critical For Uptrend

Over the past few weeks, the trend for Dogecoin has primarily been one of correction. This downward trend began when Dogecoin hit $0.48 in early December 2024 and hasn’t yet returned to that level since then. The extended period of correction is causing a sense of pessimism, or bearish sentiment, to develop around Dogecoin and other alternative cryptocurrencies. There’s also been a decrease in social media buzz about Dogecoin, suggesting decreased enthusiasm among many crypto investors.

Regardless of the current market situation, crypto analyst Kevin (@Kev_Capital_TA) remains hopeful about Dogecoin’s price prospects. As long as it stays above the crucial support level of $0.26, he believes this could lead to a bullish trend for DOGE. He points out that the movement of Dogecoin’s price is significant given the falling channel pattern that’s being formed on its price graph at present.

This $0.26 level is serving as a base in the ongoing downward trending channel that has been developing since early December 2024. Notably, this level represents Dogecoin’s lowest point over the past few weeks, specifically on December 20, 2024, where the price briefly touched this level before swiftly rebounding. As long as Dogecoin maintains trading above $0.26, the overall bullish sentiment remains valid.

Measured Move Target: $1.30 Dogecoin Price After Breakout

The technical analysis predicts that $1.30 could be the potential peak for Dogecoin, assuming it manages to break free from its downward trend and move upward. However, reaching this level from the current market sentiment would necessitate significant effort in regaining momentum. This momentum would be fostered by the ongoing optimism among certain Dogecoin investors, who are eagerly anticipating a surge in Dogecoin’s value.

Kevin mentioned that the potential outcome for this trend, should it break through, could be around $1.30. There’s a lot of effort needed in the meantime, but he plans to keep a close eye on it.

Currently, Dogecoin is being traded at approximately $0.3425, marking an increase of around 4.1% over the last 24 hours. At present, it’s still moving within a descending trend and needs to move towards $0.4 in order to potentially break through to higher prices. Achieving the projected price target of $1.30 from its current value would represent a potential increase of 280%. If Dogecoin were to reach this level, it would also surpass its existing all-time high of $0.7316. However, it’s important to note that there are some more optimistic projections predicting a potential rise as much as 1,000% from the current Dogecoin price.

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2025-01-14 23:47