Dogecoin is exhibiting similar patterns to what was seen in 2024, with potential for price increase. Cryptocurrency analyst Zeinab has pointed out a rounded bottom and a converging triangle on Dogecoin's price chart. These patterns suggest a breakout may be imminent.
He stated that if DOGE surpasses the $0.29 level, the price could soar similarly to the previous surge from $0.18 to $0.49. The current market conditions and price action support this optimistic outlook. If this trend continues, Dogecoin could reach $0.80 in Q4.
Zeinab's analysis highlights that Dogecoin's main resistance level is at $0.29. Traders are closely monitoring these levels to determine the next move in Dogecoin's price action.
Short-Term Trading Setup Established for Dogecoin
However, analyst Cryptoinsightuk also sees a short-term trading opportunity for Dogecoin, estimating the risk/reward (R/R) ratio to be 6.5. The analyst points out that both the top and bottom have been cleared, indicating a potential price reversal.
The RSI indicator is approaching the bullish zone after being previously oversold, signaling further potential for price increase. While holding a low-leverage swing position on Dogecoin, it can be observed that this setup is quite appealing for short-term traders.
Notably, the R/R ratio of 6.5 presents a good opportunity for those looking to enter Dogecoin at this time. Trading volume and RSI are key factors that could drive the next price increase.
Recent Price Developments of Dogecoin and Market Sentiment
Currently, Dogecoin is trading at $0.218, up 2.23% in the past 24 hours. The market capitalization of this cryptocurrency is $32.88 billion and the 24-hour trading volume is $3.36 billion.
Analysts believe that if the current upward momentum continues, Dogecoin may continue to rise in the near future. Cryptocurrency analyst Andrew Griffiths has predicted that Dogecoin has the potential to break out based on the developing cup-and-handle pattern.
Furthermore, the analysis shows that if DOGE surpasses the $0.30 mark, it may continue its upward momentum, potentially reaching the peak of the current channel. Griffiths points to a significant support area between $0.19 and $0.20, with a price target near $0.38 being the main resistance level.
