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The Dogecoin price has seen a major rebound recently, which has brought it above the $0.23 resistance over the weekend. This upward move looks to have been sustained as buyers have regained power over the market in the last week. Despite the already notable rally that the meme coin has enjoyed recently, expectations remain that it will continue to rise higher, with crypto analysts predicting an explosive rally for the altcoin.
Dogecoin Price Remains Very Bullish
Pseudonymous crypto analyst MMBTtrader on the TradingView website has outlined that the Dogecoin price remains highly bullish. The current pump is expected to continue as Dogecoin has yet to hit any major resistance, thus setting it on a path to possibly double.
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As the crypto analyst points out, the Dogecoin price could likely see a correction after rising so much recently. However, this is expected to only be short-term and would, in fact, fuel the rally and serve as a bounce-off point for further rallies. This corruption could happen just below $0.25. However, the analyst does point out that with the Dogecoin price being so bullish, it is possible that it rises higher than this level before the correction happens.
Presently, the only thing holding the Dogecoin price back is the trend line outlined in red in the analyst’s chart. This serves as a deciding point for the meme coin, and a break above it is expected to push the price forward. In this case, the crypto analyst expects it to rise as high as $0.4. Additionally, they add that if it breaks above $0.4, it would signal an extremely bullish market, pushing the Dogecoin price toward $0.75, and then $1.
On the other hand, though, a failure to break above the trend line could signal the beginning of bearish pressure. As the chart shows, the first bearish stop would be at $0.13548. Further downtrend could then send it below $0.1 to $0.09024.
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DOGE Still Shooting For $1
Another crypto analyst has also suggested that the Dogecoin price could be heading for the $1 target. They explain that after the strong bounce of the $0.14 support, Dogecoin is now showing signs of a bullish reversal on the weekly timeframe. This casts a wider net for targets for the meme coin’s price as the uptrend plays out.
From here, the crypto analyst explains that if the Dogecoin price can hold, then the next main target is $1. For this to happen, though, volume confirmation and how the price performs in the next few weeks are crucial. “DOGE might just be gearing up for another historic run,” the analyst said.
Featured image from Dall.E, chart from TradingView.com
