Dogecoin's price has recently rebounded significantly, breaking through the resistance level of $0.23 over the weekend. Since buyers regained control of the market last week, this upward momentum seems to be sustained. Although Dogecoin has seen a significant increase recently, the market still expects it to continue rising, with cryptocurrency analysts predicting an explosive rebound for this altcoin.
Dogecoin's price remains bullish.
An anonymous cryptocurrency analyst on TradingView, MMBTtrader, points out that Dogecoin's price remains strongly bullish. As Dogecoin has not yet encountered any significant resistance, the current upward trend is expected to continue, making a doubling in price possible.
As this cryptocurrency analyst points out, after a significant surge in Dogecoin's price recently, a pullback may occur. However, this is expected to be a short-term phenomenon that will actually boost its upward movement and serve as a rebound point for further increases. The pullback may happen just below the $0.25 level. Nonetheless, this analyst also notes that given the bullish outlook on Dogecoin's price, it may break through this level before the pullback occurs.
Currently, the only factor hindering Dogecoin's price increase is the trend line marked by the red outline in the analyst's chart. This trend line is a decisive point for Dogecoin, and breaking through this point is expected to drive the price up. In this case, cryptocurrency analysts expect Dogecoin to rise as high as $0.4. Moreover, they added that if it breaks through $0.4, it indicates that the market will exhibit extreme bullish sentiment, pushing Dogecoin's price towards $0.75 and eventually breaking $1.
On the other hand, if the trend line is not broken, it may signal the beginning of bearish pressure. As shown in the chart, the first bearish stop-loss point is at $0.13548. Further declines could push it below $0.1, down to $0.09024.
DOGE is still expected to reach $1.
Another cryptocurrency analyst also predicts that Dogecoin's price may approach the target of $1. They explain that after a strong rebound at the support level of $0.14, Dogecoin currently shows signs of a bullish reversal on the weekly chart. As the upward trend develops, this provides broader options for Dogecoin's price targets.
This cryptocurrency analyst explains that if Dogecoin's price can hold, the next major target is $1. However, to achieve this goal, volume confirmation and price movements in the coming weeks are crucial. "Dogecoin may be preparing for another historic surge," the analyst said.
