Dogecoin (DOGE) is currently priced at $0.16 and has been in a bearish state for the past month, with a decline of over 25%. Several analysts are working hard to find signs of a rebound for this popular meme coin. One analyst believes that Dogecoin's consolidation over the past six months is merely a 'coil' and not a 'coffin,' and that a breakout is just a matter of time.
In fact, anonymous cryptocurrency analyst Guangdong Cat shared evidence across multiple time frames, believing that Dogecoin's next directional breakout will be upward, potentially reaching $4.13 before the end of this cycle. This analyst believes that Dogecoin's price has retreated from last autumn's peak and then 'has had little movement for months.' However, this fatigue is precisely the expected result of a bullish market correction: 'Many people are dissatisfied with Dogecoin... this is precisely the reason why situations like 'higher highs and higher lows' should frustrate everyone. Unless the situation is confirmed, this is still a bullish trend.'
If trading volume rebounds and the price breaks through the 0.5 and 0.618 retracement levels, Guangdong Cat's Fibonacci ladder chart will mark a series of target levels. According to Binance data, 'Dogecoin could potentially reach $1.60, $2.26, and $4.13,' said Guangdong Cat. Comprehensive data from multiple exchanges adjusts the prices to $1.50, $2.27, and $3.94, leaving just 6 cents to reach $4.
Other Dogecoin (DOGE) analysts are optimistic
In addition, another well-known cryptocurrency expert, Javon Marks, stated that Dogecoin (DOGE)'s chart trends indicate that the token is far from declining. Marks shared a brief and detailed DOGE analysis on X, adding that the token's price chart shows a 'bullish pattern and breakout' brewing, which could drive the token to soar and reach $0.65.
Marks elaborated on his analysis, pointing out that Dogecoin's continued maintenance of low points indicates that the price of this token may rise significantly. In addition, Marks also shared how Dogecoin suggests it will enter an upward trend. If Dogecoin can hold the breakout, it will certainly not miss the biggest bull market of this quarter.
More optimistically, according to X user 'Trader Tardigrade', Dogecoin's Average Directional Index (ADX) seems to reflect its trend in 2020. By the end of 2020, Dogecoin was trading at around $0.004. By May 2021, the initial memecoin price soared to an all-time high of $0.7316. This increase represents about an 18,175% rise. If Dogecoin experiences a similar surge, its price could break through $4, reaching $31.25.
