Dogecoin price action has been incredibly strong as the meme scene explodes with massive gains amid inflows into the cryptocurrency market. The memecoin’s rally was confirmed when it recently crossed the $0.12 mark, confirming an upward breakout from a multi-month downtrend. Notably, the Dogecoin analysis was previously reported by Bitcoinist It revealed significant levels of price determination For the meme coin, $0.12 is a base coin.
This observed increase may be just… The beginning of the rise of Dogecoin. It is interesting to look at this This was echoed by a group of cryptocurrency analysts And investors in coins. In particular, one popular cryptocurrency trader (Crypto Rand) confirmed that DOGE is now loading the moon, a comment made to confirm the building momentum.
Dogecoin’s next target: the moon
Cryptocurrency trader Crypto Rand recently took to social media platform X to share a detailed analysis of Dogecoin market performance, using the Dogecoin/TetherUS chart to illustrate his observations. In his post, Rand highlighted Dogecoin’s impressive breakout from the multi-month downtrend that had been in place since April.
At the time of analysis, DOGE had just managed to clear the $0.11 mark and was in the process of testing a crucial resistance level at $0.12. As such, the analyst noted the importance of this price action, urging investors not to miss out on the buying opportunity while noting the various price rise levels.
“Don’t miss $DOGE, download Moonshot!”
Since the time of its initial position, Dogecoin has continued to gain momentum, confirming the bullish outlook for Crypto Rand. DOGE was able to break clearly above the $0.12 threshold for the first time in two months, revealing that the breakout was in full effect.
Rand continued With a new updateThis underscores Dogecoin’s continued progress and reaffirms its previous claim that a “moonshot” was already underway. Interestingly, the DOGE chart shared by the analyst points to other important price targets to watch as the rally develops. As of now, the immediate goal is to increase the price by 16% to $0.14. The subsequent price points are $0.17 and $0.225, representing gains of 42% and 88% from $0.12.
Don’t miss it $dawgLoading Moon! 🐶 pic.twitter.com/Dqrs8902eW
— CryptoRand (@crypto_rand) September 26, 2024
Will DOGE return to new yearly high?
Rand’s analysis has resonated with many meme enthusiasts and cryptocurrency investors, who see Dogecoin’s current price action as a precursor to greater gains. A Similar analysis before Veteran cryptocurrency trader Peter Brandt commented on this breakout from the downtrend.
He highlighted a DOGE target just above the 2024 high of $0.22. Famous cryptocurrency analyst Ali Martinez He also highlighted this breakthrough Using the RSI and a buy signal from the SuperTrend indicator.
At the time of writing, DOGE is trading at $0.123, reflecting a 17% gain in the past seven days. In the short term, DOGE now has a free bullish period until the $0.14 price level. Data from IntoTheBlock suggests that only a small volume of DOGE stands as resistance on the way to achieving this goal, indicating a relatively smooth progress.
Featured image from Pinterest, chart from TradingView