Dogecoin’s price action has been incredibly strong as the meme coin scene exploded with massive gains amidst influx into the cryptocurrency market. The meme coin’s rally was highlighted by its recent surge above $0.12, confirming a bullish breakout from a multi-month downward trend. In particular, the Dogecoin analysis previously reported by Bitcoinist A significant level of price definition is revealed. For meme coins, $0.12 is the dominant coin.
This noticeable increase is probably due to The start of the Dogecoin rally. Interestingly, this outlook A number of cryptocurrency analysts echoed this sentiment. And these are meme coin investors. In particular, one prominent cryptocurrency trader (Crypto Rand) emphasized that DOGE is currently preparing for a moonshot, a comment meant to confirm the building momentum.
Dogecoin’s Next Goal: The Moon
Crypto trader Crypto Rand recently shared a detailed analysis of Dogecoin’s market performance via social media platform In his post, Rand highlighted Dogecoin’s impressive breakout from a multi-month decline that had lasted since April.
At the time of analysis, DOGE had broken through $0.11 and was testing the important resistance level of $0.12. Therefore, the analyst, citing the significance of this price action, urged investors not to miss out on buying opportunities, citing various levels of price appreciation.
“Don’t miss $DOGE, load your Moonshot!”
Since his first post, Dogecoin has continued to gain momentum, confirming Crypto Rand’s bullish outlook. DOGE completely broke the $0.12 threshold for the first time in two months, showing that the breakout effect was fully apparent.
Rand followed. with new updateIt confirmed the ongoing progress of Dogecoin and reaffirmed his previous call that the “moonshot” is indeed underway. Interestingly, the DOGE chart shared by the analyst mentions other important price targets to watch as the rally unfolds. The current immediate target is $0.14, a 16% price increase. Subsequent price points are $0.17 and $0.225, which represent gains of 42% and 88% from $0.12.
Don’t miss it $DOGELoading Moonshot! 🐾 pic.twitter.com/Dqrs8902eW
— Crypto Land (@crypto_rand) September 26, 2024
DOGE returns to new year highs?
Rand’s analysis has resonated with many meme coin enthusiasts and cryptocurrency investors who see Dogecoin’s current price action as a harbinger of even bigger gains. no way Similar analysis Veteran cryptocurrency trader Peter Brandt commented on the breakout of this downward trend.
He highlighted a DOGE target of just above the 2024 high of $0.22. Renowned cryptocurrency analyst Ali Martinez We also highlighted this breakout. We use buy signals from RSI and SuperTrend indicators.
As of this writing, DOGE is trading at $0.123, up 17% over the past seven days. In the short term, DOGE is now free to rise to the $0.14 price level. IntoTheBlock’s data shows that only a small amount of DOGE stands as resistance en route to achieving that target, suggesting a relatively smooth rise.
Featured image from Pinterest, chart from TradingView