Dogecoin Aims For The Moon: Crypto Analyst Reveals Next Target

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As a seasoned researcher who has been closely following the crypto market for over a decade now, I must admit that I’ve seen my fair share of bull runs and bear markets. However, the current surge in Dogecoin (DOGE) is one that truly stands out. Having witnessed its meteoric rise from a mere joke to a legitimate player in the crypto world, I can’t help but feel a sense of nostalgia mixed with excitement.

The growth in Dogecoin‘s price has been remarkable, mirroring the surge of the meme coin market which is seeing significant gains due to increased investments in the crypto market. A notable milestone was reached when Dogecoin broke past the $0.12 mark, suggesting a bullish breakout from a prolonged downtrend. Previous analysis by Bitcoinist had highlighted crucial price levels for Dogecoin, with $0.12 standing out as one of the significant ones.

This significant surge could simply signal the start of Dogecoin’s upward trend. Notably, this perspective is shared by many cryptocurrency analysts and Dogecoin investors. Specifically, a well-known crypto trader (Crypto Rand) pointed out that DOGE is gearing up for a high trajectory, a statement suggesting the growing strength behind it.

Dogecoin’s Next Target: The Moon

Crypto trader Crypto Rand recently took to social media platform X to share a detailed analysis of Dogecoin’s market performance, using a Dogecoin/TetherUS chart to illustrate his observations. In his post, Rand highlighted Dogecoin’s impressive breakout from a multi-month downtrend that had been in play since April.

During the examination, DOGE had recently surpassed the $0.11 barrier and was attempting to challenge a significant resistance point at $0.12. This price movement was highlighted by the analyst as crucial, encouraging investors to seize the chance to invest, while also pointing out potential escalation phases in the market.

“Don’t Miss $DOGE, Loading The Moonshot!”

Ever since he first posted, Dogecoin has been steadily building steam, aligning with Crypto Rand’s optimistic prediction. For the first time in two months, DOGE successfully surpassed the $0.12 barrier, indicating a full-blown breakout was underway.

Rand followed up with a new update, confirming Dogecoin’s ongoing progress and reaffirming his earlier call that the “moonshot” was indeed underway. Interestingly, the DOGE chart shared by the analyst notes other significant price targets to watch as the rally unfolds. As of now, the immediate target is a 16% price increase to $0.14. Subsequent price points are at $0.17 and $0.225, which represent 42% and 88% gains from $0.12.

Don’t miss $DOGE, loading the moonshot!
— Crypto Rand (@crypto_rand) September 26, 2024

DOGE Returning To New Yearly High?

Many Dogecoin fans and cryptocurrency investors have found themselves nodding in agreement with Rand’s assessment, viewing the recent market movements of Dogecoin as an indicator of even larger profits to come. Likewise, Peter Brandt, a seasoned crypto trader, has also weighed in on this breakout from a downward trend.

He highlighted a DOGE target just above 2024’s high of $0.22. Popular crypto analyst Ali Martinez also highlighted this breakout using the RSI and a buy signal from the SuperTrend indicator. 

Currently, Dogecoin (DOGE) is being traded at approximately $0.123, marking a 17% increase over the last seven days. In the near future, DOGE appears to have an open path towards reaching around $0.14 without much hindrance, as suggested by data from IntoTheBlock. This indicates that there’s limited resistance for DOGE on its journey to this price level, suggesting a potentially seamless upward trend.

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2024-09-29 06:11