Dogecoin is about to take off! In this bull market, Dogecoin can rise 10 times, crucially without relying on celebrity endorsements.
The technical outlook for Dogecoin looks strong, and the altcoin frenzy (altseason) is approaching, with market sentiment on the rise. Inflation pressure is low, with actual inflation at only 1.7%, having minimal impact on altcoins. Although the U.S. House of Representatives is still delaying crypto-related legislation, such as the (CLARITY Act), (GENIUS Act), and (Anti-CBDC Act), there are finally some optimistic signals regarding the regulatory environment.
Altcoin Season Eruption
USDT dominance is at its peak, and funds are starting to flow into high-risk assets. On the two-week chart for USDT, the random RSI is overbought, combined with a key resistance line test, suggesting a trend reversal is imminent.
Additionally, the total market capitalization of altcoins (TOTAL3) is testing the critical resistance zone of $986 billion, indicating that the market is 'on the edge of a true altcoin season.'
Dogecoin Price: The potential for a 1000% surge, with a double bottom pattern on the two-week chart, sitting on the upward trend line for 2024-2025, and it has also broken through a long-term downward trend line. The target price is very clear:
Short-term: $0.21
Mid-term: $0.48 (key point in 2024), $0.74 (historical high)
Long-term: $1.32, even $2.00, with 10 times the potential
On the 4-hour chart, Dogecoin has formed an 8-week cup and handle pattern, about to break through the descending channel, with strong buying momentum. RSI is at 58, with buyers in control; MACD fast line is about to cross bullishly, stabilizing the short-term upward trend. If the cup and handle breaks, the price could surge 36% to $0.278, heading towards higher targets. However, the hurdle of $0.21 must be cleared first; only a breakout counts as a true bull market.
Dogecoin may not necessarily be a big winner. Although the technicals are strong, Dogecoin has recently been overshadowed by new narratives. Meme coins rely on community and hype, and Dogecoin needs to fight to regain the spotlight. Those purely community-driven 'mission coins' may capture the altcoin frenzy more effectively. In summary: Dogecoin's technicals and market atmosphere are strong, but it must first break through $0.21 to prove itself. The altcoin frenzy is coming soon, whether Dogecoin can debut in the spotlight depends on whether the community and market can give it a push.
