Cryptocurrency analyst MMBTtrader has predicted that the price of Dogecoin could increase by 60% from its current level. He emphasizes a rising channel that this leading meme coin needs to break through to witness this strong upward trend.
Dogecoin Aiming for a 60% Increase to $0.4
In a post on TradingView, MMBTtrader predicts that the price of Dogecoin could rise to a high of $0.4 once it breaks through the rising channel at around $0.243. He asserts that with good trading volume, the market will continue to grow. The analyst is confident that this will happen, claiming that the breakout will be significant and a 60% increase is a feasible target.
MMBTtrader also noted that the market will be extremely optimistic if the price of Dogecoin reaches this target level of $0.4. He predicts that price levels of $0.75 and $1 will appear when DOGE hits $0.4. The increase in price to the target levels of $0.75 and $1 will mark a new all-time high (ATH) for this leading meme coin.
DOGE sometimes lags behind other meme coins. However, this cryptocurrency analyst predicts that the price of Dogecoin will rise significantly this time and become 'the leading meme coin for several weeks.' This meme coin seems to be leading, standing out as one of the strongest gainers in the current cryptocurrency market rally.
The price of Dogecoin has surpassed the psychological threshold of $0.2 and appears ready to reach new highs in the coming weeks, with a breakthrough of $0.42, according to MMBTtrader. Fundamental factors, such as the potential launch of Dogecoin ETF funds, could serve as a catalyst for driving the price higher. Analysts James Seyffart and Eric Balchunas from Bloomberg predict a 90% chance that the SEC will approve these funds this year.
It's Just a Matter of Time for DOGE
In a post on X, cryptocurrency analyst Kevin Capital commented that it is only a matter of time before the price of Dogecoin rises back to levels of $0.28 to $0.30 and then 'rises even higher.' He added that as long as the price of Bitcoin remains strong and continues to show strength, this move for DOGE will come sooner than expected.
Cryptocurrency analyst Trader Tardigrade revealed that the DOGE/BTC pair has formed a Cup-and-Handle pattern and has broken through the trendline. He noted that this bullish pattern suggests that this leading cryptocurrency could outperform other top cryptocurrencies.
The analyst further noted that the price of Dogecoin has had strong upward momentum. This recent analysis aligns with a previous prediction when Trader Tardigrade also claimed that DOGE could soon show a God candle on the BTC pair.
At the time of writing, the price of Dogecoin is trading at around $0.24, up 14% in the last 24 hours, according to data from CoinMarketCap.
