Cryptocurrency analysts indicate that if this level is breached, the price of Dogecoin (DOGE) could drop to $0.50.
Marco Polo stated in an X article that the price of Dogecoin is brewing a classic trend and may rebound to $0.50. He revealed that the meme coin has broken out of a descending wedge but is about to face a retest. The analyst added that the structure remains intact, and the trend line has been maintained for over a year.
Marco Polo also mentioned that the chart looks very clear, having set higher lows since June 2023. Meanwhile, there has been a noticeable diagonal breakout in the price of Dogecoin. This analyst confirmed that if Dogecoin returns to the range of $0.25, the prospects for the next rally to $0.50 are "broad." He pointed out that regardless of whether it is meme season, Dogecoin will always rise.
Cryptocurrency analyst Master Kenobi also expressed his bullish stance on Dogecoin's price, stating that he believes it is "unwise" to be bearish on Dogecoin at this time. The chart he attached shows that if Dogecoin touches the upward trend line of the ascending channel, its price could rise to $14.
Master Kenobi also anticipates that Dogecoin's price will reach new highs in the short term. In another article, he shared a chart indicating that Dogecoin may soon exhibit a parabolic uptrend since November 2024, when this meme coin rose to just below the current local high of $0.50. This analyst expects Dogecoin to rise again to at least $0.45 with this current surge.
In an X post, cryptocurrency analyst Trader Tardigrade stated that Dogecoin has broken out of the channel, which aligns with the price movement before the recent rise of Dogecoin. He provided an image showing that Dogecoin's target in the upcoming bullish trend is the highly anticipated $1 price level.
In another analysis, this cryptocurrency analyst mentioned the 2-month Bollinger Band Width (BBW) of Dogecoin (DOGE), calling it very remarkable. Based on this, he asserted that a significant price volatility for Dogecoin is imminent. The chart he attached suggests that by 2026, the price of this leading meme coin could rise to $30.
