Cryptocurrency analyst Marco Polo holds an optimistic view on the price prospects of Dogecoin, predicting it may soon rise to new local highs. The analyst mentioned technical indicators supporting the breakout of Dogecoin.
Dogecoin's price is ready for a classic move
Marco Polo stated in an X article that the price of Dogecoin is brewing a classic trend and may rebound to $0.5. 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 trendline has been maintained for over a year.
Marco Polo also stated that the chart looks very clear, having created higher lows since June 2023. Meanwhile, there has been a notable diagonal breakout in the price of Dogecoin. The analyst confirmed that if Dogecoin returns to the $0.25 range, the next rally to $0.50 has a 'bright outlook.' He noted that regardless of whether it is meme season or not, Dogecoin always rises.
Cryptocurrency analyst Master Kenobi also expressed his bullish attitude towards the price of Dogecoin, stating that he thinks it is 'unwise' to be bearish on Dogecoin at the moment. The chart he attached shows that if Dogecoin touches the ascending trendline of the upward channel, its price could rise to $14.
Master Kenobi also expects the price of Dogecoin to rise to new highs in the short term. In another article, he shared a chart showing that Dogecoin may soon exhibit a parabolic upward trend since November 2024, when this meme coin rose to just below the current local high of $0.50. The analyst expects that Dogecoin will rise again to at least $0.45 with this rally.
Other bullish indicators for Dogecoin
In an X post, cryptocurrency analyst Trader Tardigrade stated that Dogecoin has broken out of the channel, which aligns with the trend prior to Dogecoin's recent price increase. He provided a chart showing that Dogecoin's target in the upcoming rally is the highly anticipated $1 price level.
Related reading: Dogecoin's price is about to experience a significant rise—why it may still break through $1
In another analysis, the cryptocurrency analyst mentioned the 2-month Bollinger Band Width (BBW) of Dogecoin (DOGE) and called it very noteworthy. Based on this, he asserted that the price of Dogecoin is about to experience significant volatility. The chart he attached shows that by 2026, this leading meme coin's price could rise to $30.
In another post, he hinted again that Dogecoin (DOGE) will rise to double digits, stating that the price of Dogecoin is prepared for the next rally and hinted that this most important meme coin could rise to $46 this time.
According to CoinMarketCap data at the time of writing, Dogecoin is trading at around $0.21, having declined in the past 24 hours.
