A Hidden bullish divergence The pattern has just been identified on the Dogecoin price chart, indicating the potential for a significant uptrend. With this new technical pattern, one cryptocurrency analyst predicted a target of $0.7 for Dogecoin price.
Bullish divergence indicates Dogecoin prices are rising
On November 20, cryptocurrency analyst Trader Tardigrade posted on X (formerly Twitter) Announce A hidden bullish divergence appears on the Dogecoin 4-hour frame Relative Strength Index (RSI) table. Based on this unique technical indicator, the analyst’s Dogecoin price analysis indicates that the meme coin may be poised for a significant upside rally.
Typically, a hidden RSI bullish divergence occurs when a cryptocurrency price forms higher lows while the RSI forms lower lows. This shows that though Dogecoin RSI It is showing declining momentum, and its price is still maintaining strength, indicating a higher upside potential Continuation of the upward trend.
Recently, the price of Dogecoin reached a level Major upside rangeIt rose from more than $0.1 to more than $0.35 in just a few weeks. This has allowed the popular meme coin’s impressive rise Testing the $0.4 resistance levela critical threshold that could lead to a significant rise in the price of Dogecoin.
Based on Trader Tardigrade’s Dogecoin chart, a hidden bullish RSI divergence can be seen at around $0.37 price level. The analyst A Rising target At $0.7 USD for Dogecoin, highlighting a steady but continued growth from its current price if possible Maintain positive momentum.
As of writing, Dogecoin price is trading at $0.38, recording a 165.19% rise over the past month, according to CoinMarketCap. Despite repeatedly failing to break the $0.4 threshold, Dogecoin could see a price increase of 84.2% from its current value if the expected positive growth driven by hidden bullish divergence remains valid. This will effectively push the meme coin near or even above its all-time high (ATH) of $0.73 in May 2021 during the recent period. Bull market.
DOGE targets new ATH
In another Share XCryptocurrency analyst, Steve, maintained an optimistic outlook on the price of Dogecoin. According to Steve, Dogecoin could be preparing for New Ath This Taurus cycle.
The analyst shared a two-year Dogecoin price chart, setting an upside target between $1.4 and $1.8 for the meme coin. Following the target position on the Dogecoin chart, the analyst indicates that the ATH rally may occur either before the end of 2024 or in 2025.
Based on current market trends, this is likely driven by a massive price hike to the new ATH The Elon Musk effect Through his newly proposed organization, the Department of Government Efficiency (DOGE). In addition, Donald Trump’s upcoming inauguration As the 47th President of the United States, he could also serve as a powerful catalyst that could push the price of Dogecoin higher.
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