Dogecoin has officially broken out of a six-month downtrend. This technical milestone has triggered analysts and enthusiasts speculating on DOGE’s potential for explosive growth.
🚨 #Dogecoin has officially broken its 6-month downtrend! Is $DOGE about to skyrocket? 🚀
🐕🔥 Get ready, #MemeCoin fans—this could be the rally we’ve been waiting for! 👀💥 #Crypto #DogecoinRally #ToTheMoon pic.twitter.com/e60xExvqK6
— CryptoNewsZ (@cryptonewsz_) September 27, 2024
According to CoinGecko data, DOGE has surged 9% in the last 24 hours and an impressive 16% over the past week. This price action has caught the attention of several prominent crypto analysts, who are now weighing in on Dogecoin’s prospects.
Analyst Captain Faibik confirmed the upside breakout from a falling wedge pattern, a bullish signal that often precedes major price increases. Meanwhile, Ali pointed out multiple bullish indicators, including an RSI breakout and a buy signal from the SuperTrend indicator.
#Dogecoin looks strong! #DOGE got an RSI and price breakout from multi-month downtrends, and $DOGE also got a buy signal from the SuperTrend indicator. pic.twitter.com/U2I8rpfPYB
— Ali (@ali_charts) September 26, 2024
Dogecoin’s trajectory based on past cycles
While technical analysis paints a bullish picture, some analysts are taking their predictions to the next level. Master Kenobi offered a thought-provoking “imagination exercise,” comparing DOGE’s potential performance to its previous bull cycles.
🤯 Imagination exercise:
If #DOGE would perform as in the first cycle (2017-2018), it will reach $1.55 on December 9 (yellow) and $7.78 on July 14 next year (orange)
If #DOGE would perform as in the previous cycle (2021), it will reach $2.8 on December 9 (light blue) and $25.8… pic.twitter.com/br7JgMrjJG
— Master Kenobi (@btc_MasterPlan) September 24, 2024
In one scenario, based on the 2017-2018 cycle, Kenobi suggests DOGE could reach $1.55 by December 9 and $7.78 by July next year. An even more bullish projection, modeled after the 2021 cycle, puts DOGE at $2.8 in December and $25.8 by March 2025.
It’s crucial to note that these projections are speculative and not financial advice. However, Dogecoin’s history of defying expectations can’t be ignored. From its humble beginnings as a joke currency to becoming a top 10 cryptocurrency by market cap, DOGE has consistently surprised skeptics.
Source: https://www.cryptonewsz.com/dogecoin-officially-breaks-6-month-downtrend/