Dogecoin price, a leading meme-based altcoin, has surged recently, riding the ongoing crypto bull market wave. The digital asset defied broader trends with BTC hovering above $100k, steadily climbing and drawing attention for its impressive rally desspite slight market corrections. Analysts suggest Dogecoin’s upward momentum could mirror its 2021 performance, eyeing an ambitious $1 milestone if bullish mounts pressure.

Dogecoin Price Eyes $1 Breakout, Mirroring Historic 2021 Bull Frenzy

The crypto expert recently highlighted Dogecoin’s potential for a significant price surge, likening its current pattern to the 2021 bull run. The analyst identified the emergence of a “first breakout candle” as a key indicator of explosive growth. The same pattern has reappeared, sparking speculation that Dogecoin could surpass its previous $1 target and reach new heights in this cycle.

Notably, the analyst dismissed the $1 price target as outdated, referencing manipulation allegations during the 2021 rally that hindered progress. Instead, the expert predicts Dogecoin price could achieve levels between $4.20 and $6.90 this cycle, driven by renewed market momentum. This optimistic outlook underscores Dogecoin’s potential to repeat history with an even greater rally. 

Source: Tweet

Crypto analysts has highlighted a significant bullish pattern for Dogecoin, indicating potential upward momentum. According to their technical analysis, a bullish pennant formation has emerged on the 6-hour timeframe, signaling a possible breakout.

The analyst predicts that Dogecoin could experience a 30% to 40% price surge as this pattern unfolds. Bullish pennants often suggest a continuation of an upward trend following a brief period of consolidation.

Source: Tweet

The upcoming Congressional address on U.S. economic policy and Elon Musk’s influence intrigue Dogecoin’s outlook. Meanwhile, the rise of meme coins like PEPE and SHIB could bolster DOGE’s momentum, hitting $1 soon

Dogecoin Technical Analysis: DOGE Poised for Major Bullish Breakout

The DOGE price has surged by 20% in the past week. At the time of writing, the meme coin is trading at $0.45, with a 5% surge indicating a bullish trend.

The Dogecoin price forecast is gaining traction, hovering above $0.45, sparking optimism for another rally. If bullish sentiment continues, a potential surge to $0.73, matching its previous all-time high.a breakthrough above $1, similar to its 2021 performance, may be possible. However, bearish pressure could trigger a correction to $0.40 or even $0.35.

The Moving Average Convergence Divergence (MACD) indicates bullish momentum on the 4-hour chart. The MACD line is currently hovering above the signal line. The increasing histogram bars indicate growing buying interest.

DOGE price chart by TradingView

Dogecoin’s recent momentum showcases its potential to surpass historic highs, fueled by bullish patterns and growing market optimism. With continued support, the meme coin could achieve remarkable price milestones.

The post Dogecoin Price Eyes $1 Boom, Mirroring Iconic 2021 Bull Run appeared first on CoinGape.

---

Filed under: News - @ December 7, 2024 6:18 pm