Expert Says More Upsides as Dogecoin’s Next Breakout Is Not Far Away

Multiple analyses suggest that Dogecoin has more upsides this cycle despite recent redundancy in the market and on-chain activities.

Dogecoin closed green on the weekly timeframe for the first time in four weeks amid a macroeconomic boost. The prominent meme coin recorded a 6.5% upsurge from its closing price two weeks ago, suggesting it might be building momentum.

The uptrend last week ensured DOGE trades around the 0.618 Fibonacci level as identified by market analyst Ali Martinez. While the prominent meme coin remains around this area, analysis suggests it could see more upside.

Notably, Martinez is not the only analyst suggesting higher prices for the leading meme coin; multiple other commentaries indicate the asset would sustain its recent momentum to unprecedented prices before the cycle ends.

Dogecoin Far from Cyclical Top: Analyst

In a recent post, prominent market analyst Trader Tardigrade identified trends that suggest Dogecoin’s top signal has yet to arrive. His analysis highlighted a relative strength index (RSI) indicator in the 2-week timeframe, which has historically pointed to the meme coin’s top.

An accompanying chart further supported Trader Tardigrade’s argument, as it showed a slight RSI retracement in 2016, followed by a larger regression in the cycle’s top in 2017. A similar pattern played out in the 2021 cycle, accurately indicating the market’s top in both seasons.

Meanwhile, Dogecoin is just consolidating with the first RSI retracement for this cycle. As a result, the analyst insisted that the meme coin would target higher prices when the RSI hits similar levels to other cycles, with his chart showing a possible 3,310% surge from the current market price to $9.

Further Confirmation of an Imminent Dogecoin Breakout

KrissPax, a notable Dogecoin enthusiast, further discussed the possibility of an imminent surge for the largest meme coin by market cap. He stated that DOGE has broken out from two consecutive descending channels since late 2023 amid strong upsurge momentum.

The analysis, citing Tardigrade, shows a first breakout from a channel with the February 2024 outburst, peaking at $0.2290 a month later. Notably, the route started forming from Dogecoin’s surge to $0.1075 in December 2023.

Furthermore, the next channel kicked in immediately after the March 2024 peak and consolidated till November. After Donald Trump’s notable election win, the asset broke out to its current cyclical peak of $0.4846.

Meanwhile, KrissPax suggested another breakout is on the horizon, with the bull cycle still in full force. An accompanying chart shows the meme coin could break past $1 with the imminent price outburst.

Whale Traction Required

Despite the bullish calls, on-chain activities in the Dogecoin ecosystem remain flat. A recent analysis shows that whale traction towards the meme coin has dropped 88% since mid-November, reflected in the recent price actions.

If Dogecoin is to regain bullish momentum, activities around its ecosystem, especially among large holders, must resume. In the meantime, Dogecoin trades at $0.2639, down 1% in the past 24 hours.