Dogecoin price reached a critical level after the market surged due to the Federal Reserve’s announcement of a 50 basis point interest rate cut.
The meme coin is about to break a resistance level that could spark a rally to new highs. Analysts and investors are making bold predictions, with one analyst predicting a “conservative” 1,000% rise if the price gains momentum.
Dogecoin has been consistently trading above strong demand levels and is targeting local highs to break out of its current price structure. A change in this structure could trigger a major rally, taking the entire meme coin market to new highs. With market sentiment on the rise, the coming days will determine whether Dogecoin will capitalize on this opportunity.
Dogecoin Analyst Predicts $3 in This Cycle
The cryptocurrency market is on the rise after weeks of selling pressure and uncertainty. This has led to increased optimism among investors who are waiting for a possible rally that may start in the next few weeks.
Dogecoin is trading at a critical level that could lead to new highs. It is worth noting that Kevin, a well-known Dogecoin analyst, shared Bold prediction about Xpresents three possible scenarios based on how this market cycle develops.
Kevin’s technical analysis shows that Dogecoin is about to break out of a falling wedge pattern, a classic bullish formation that is often associated with significant price gains. According to his analysis, Dogecoin is just weeks away from achieving its first golden cross — a major bullish signal — in over four years.
Kevin suggests three potential price targets based on market performance: $0.93 if Dogecoin performs well, $2.27 if it significantly outperforms, and $3.80 in an “astronomical” performance scenario. He notes that these outcomes are largely dependent on how the broader economic liquidity cycle evolves.
Despite the excitement surrounding this prediction, Dogecoin faces potential risks. If the price action fails to keep up with the cryptocurrency market, traders and investors could end up empty-handed.
The coming weeks will determine whether Dogecoin can breakout and target these ambitious price levels. With signs of recovery emerging in the broader market, all eyes are on Dogecoin to see if it can capitalize on the momentum and reach new highs.
DOGE maintains its strength above $0.10
Dogecoin is trading at $0.104 after a volatile Wednesday, where the price rose 5% in less than 24 hours.
DOGE is approaching key supply levels around $0.115 after reclaiming the 200 4-hour exponential moving average (EMA) at $0.102 and the 4-hour moving average (MA) at $0.101. This price action indicates short-term strength, which is generating optimism among bulls keen to push the price to higher liquidity levels.
However, there are risks if DOGE fails to maintain this momentum. If the price struggles to close above $0.108 in the coming days, it could lose the bullish support from these indicators, leading to a deeper correction. In this case, DOGE could target lower prices around $0.097, and the loss of the 4-hour EMA and the EMA indicates weakening momentum.
Historically, meme coins tend to rise strongly when they gain momentum. Any price movement in the coming days could lead to significant volatility.
Featured image by Dall-E, chart by TradingView
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