News report:
The price of Dogecoin is currently $0.14, but it won’t last long. According to a cryptocurrency analyst, technical analysis suggests that Dogecoin is preparing to move towards $0.68. This interesting perspective from the Mimcoin King comes in the midst of increased activity in its ecosystem, indicating that the price may soon experience significant fluctuations.
Based on technical analysis conducted by cryptocurrency analyst Dave The Wave, using technical indicators including Fibonacci retracement, Dogecoin is currently looking bullish and is challenging its all-time high. The price chart of Dogecoin shows an upward trend.
Dave the Wave is a renowned cryptocurrency analyst known for accurately predicting the Bitcoin crash during the bull market in 2021. He shared his insights on the current price trend of Dogecoin on the social media platform X. Therefore, Dave the Wave’s analysis has caught the attention of his followers, many of whom believe in his market insights based on his track record.
His analysis is based on the movement of Dogecoin within a 1-day candlestick timeframe. In his analysis, Wave Dave points out that DOGE seems to be on the verge of breaking out of an ascending triangle pattern. Previously, the meme coin successfully broke out of a descending triangle structure earlier this month.
Since that breakout, Dogecoin has maintained an upward trend and has experienced stable rebounds. Now, the meme coin is retesting the resistance level aligned with the newly formed top of the ascending triangle.
Based on this price trend, Dave the Wave is optimistic about the prospects of Dogecoin. To support his prediction, he uses the Fibonacci retracement tool to determine potential price targets. He emphasizes the 0% Fibonacci retracement level, which is based on the retracement from the 2021 historical high of DOGE, and points out that the ultimate target is around $0.687. Achieving this target would mean a surge of approximately 725% from the breakout point of the descending triangle pattern.
Source: X
Can DOGE reach a new all-time high?
Although technical analysis paints a rosy picture of the journey towards a new all-time high for Dogecoin, it is not without challenges. One of the key challenges is the existence of obvious resistance levels. Dave the Wave highlights the key resistance level near the 2024 high of $0.22, as well as another resistance level at $0.32, both of which could slow down the upward momentum of Dogecoin.
At the time of writing this article, the price of Dogecoin is approximately $0.14, experiencing a loss of about 3% in market value over the past 24 hours. In the past 48 hours, DOGE has faced multiple rejections in its attempts to break through $0.148. This price level now seems to be the next immediate resistance that Dogecoin must overcome before reaching higher levels.
DOGE price fails to recover | Source: DOGUSDT on Tradingview.com
