Dogecoin Its movement slowed after a large parabolic wave witnessed over the past few weeks, sparking speculation about its short-term performance. However, given several positive developments around its price, cryptocurrency analysts are anticipating another notable spike in the works, which could push the memecoin to a new all-time high.
A new all-time high on the way for Dogecoin?
Dogecoin’s ability to reach a new peak in the ongoing bull market cycle has gained strong optimism and confidence within the cryptocurrency community, with many forecasting about The long-awaited gathering They appear quickly. One of the latest predictions comes from Trader Tardigrade, a market expert and investor who has done just that Hint With an imminent 200% rise for DOGE in the coming weeks.
Pointing to strong technical indicators such as the Relative Strength Index (RSI), Trader Tardigrade predicts a significant uptrend for Dogecoin, leading to a new all-time high. His forecasts underscore the changing market dynamics, as individual and institutional players adjust their positions in anticipation of future price growth.
According to a market expert, this leading indicator that tracks the momentum of crypto assets is rising from the oversold zone on the 4-hour DOGE chart. This upward movement indicates a dog-themed bullish momentum Same angle It aims to restore multiple crucial price levels.
It is important to note that Dogecoin saw a 40% and 200% rally after the recent Relative Strength Index (RSI) bounce from the same oversold area. At the same time, the intensity of the pump is increasing further at the moment, indicating that a much larger rally could be on the horizon.
As a result, Trader Tardigrade is confident that Dogecoin could see a significant rally of 200% or more, eventually leading to… New all-time high For the meme coin, the expert set the next target at the $1.15 level.
As the RSI rebound indicates a return of buying interest in the market, which could lead to further price growth, traders and investors are currently watching for confirmation of the trend reversal in order to reevaluate their portfolios.
DOGE is set for another big rally
Another important technical indicator for the Tardigrade trader quote What indicates further upward movement for Dogecoin is the Moving Average Convergence and Divergence (MACD). Specifically, this procedure helps identify market trends, momentum, and potential entry or exit points.
After investigation DougRecent price action, especially on the 4-hour time frame, Tardigrade Trader highlighted that a Golden Cross signal has emerged from below the MACD Zero line.
Usually, a golden cross signal develops when the short-term moving average rises above the long-term moving average, which means a shift in market momentum towards a favorable trend. This development is important because it may lead to another development Huge bull race For the meme coin if the trend continues in the coming days.
Featured image from Unsplash, chart from Tradingview.com