Dogecoin Price Set for Surge as Accumulation Grows: Target Insights Explained
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A cryptocurrency analyst has disclosed that Dogecoin’s value is set for a significant climb as large holders are accumulating it. The analyst has also shared potential price targets for DOGE following this anticipated rise.
Dogecoin Set for Breakout Above $0.17
In a recent analysis, it was suggested that Dogecoin is gearing up for a breakthrough past the $0.1790 mark. The analyst indicated that potential targets for this upswing include $0.1840 and $0.1920, highlighting a neutral-bullish trend following a recent surge past the Previous Day Low (PDL).
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The analyst also pointed out a hidden bullish divergence in the Relative Strength Index (RSI), suggesting underlying strength for DOGE. This prediction follows a notable increase in Dogecoin accumulation by larger investors, especially in the $0.15 to $0.16 range, confirming a bullish outlook.
The analyst observed that the structural changes on the chart indicate the beginning of a price increase. He also noted that the volume profile aligns with a shift from accumulation to expansion. Additionally, solid support found at the $0.1760 level corresponds with past accumulation areas, suggesting that Dogecoin could maintain its upward momentum.
Traders are keeping a close eye on the crucial $0.2 psychological level for Dogecoin as it aims to break out. A fellow crypto analyst has mentioned that DOGE could soar towards its previous all-time high (ATH) if it manages to close above $0.20 on a monthly basis. This event would indicate strong bullish momentum and could attract more investor interest.
Additionally, another analyst has recently forecast that Dogecoin might reach new all-time highs by June, with predictions suggesting it could achieve as much as $0.9 during this bullish run.
Additional Factors Supporting a DOGE Breakout
Another cryptocurrency analyst has predicted an imminent breakout for Dogecoin, anticipating a price surge. He highlighted that DOGE has been fluctuating between different price ranges, experiencing both false breakdowns and breakouts. He noted that Dogecoin has returned to its current range, indicating a setup for a breakout.
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In a different post, the analyst pointed out that Dogecoin is forming a diamond pattern above the trendline around $0.15. He expressed optimism about DOGE’s prospects and advised market participants to be patient as they await the next breakout.
Currently, Dogecoin is trading around $0.17, reflecting a decline of over 2% in the past 24 hours, based on information from market tracking sources.
Featured image from Getty Images, chart from Tradingview.com
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