Dogecoin (DOGE) Price Rise Signals: Can the 2021 Rally Repeat?

Dogecoin (DOGE) is painting a promising picture in terms of technical indicators. The formations formed in the meme coin’s chart are increasing expectations among investors for a movement similar to the rally in 2021.

According to current data, DOGE is trading at $0.1704, gaining about 1% in value in the last 24 hours. However, it has recorded a decrease of 2.4% on a weekly basis and 24.5% on a monthly basis.

Meanwhile, the optimistic statements from Federal Reserve Chairman Jerome Powell regarding economic growth have created expectations that could generally increase risk appetite. This could mean a potentially positive environment for the cryptocurrency market.

DOGE Technical Outlook: Are the Footsteps of a New Rise?

Crypto analyst 'Batman' drew attention to the double bottom formation that has formed on Dogecoin’s 4-hour chart. This formation is generally considered a strong technical signal indicating that a downtrend has ended and an uptrend may begin.

The analyst stated that DOGE is currently in a horizontal consolidation phase and that this situation resembles the price movements before the big rally in 2021. Notably, the analyst points out that the $0.168 level is a strong support point, predicting that a rise starting from here could push the price above $0.25.

Additionally, pending Dogecoin ETFs and the recent increase in whale purchases are among the other factors that could support the upward movement of the price. For example, according to crypto analyst Ali Martinez, large investors purchased over 800 million DOGE within 48 hours.

Additionally, Elon Musk's interest in Dogecoin and the possibility of payment integration with DOGE on the X platform could have the potential to increase institutional and individual demand for the meme coin.

How High Can DOGE Go?

Another prominent structure in DOGE's technical outlook is the 4-year cup-and-handle formation. If the $0.168 level is broken upwards and this breakout is confirmed, the price target could be $0.75. This indicates a potential rise of about 345% from current levels.

However, short-term technical indicators suggest that the rise may not start immediately. For example:

The MACD indicator has fallen below the signal line, creating a death cross. This is considered a signal that the downtrend may continue.

The RSI (Relative Strength Index) is at 42, indicating that the market currently has weak buying power.

If DOGE loses the main support level of $0.168, it is possible for the price to decline to the next stop at the $0.090 level. If this scenario occurs, it would mean a decrease of about 47%. DOGE last tested this level in mid-2024.


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