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Dogecoin (DOGE) Price Setup Could Send the Memecoin to $1: Here’s the Outlook
The cryptocurrency market is abuzz with excitement as DOGE, a memecoin, has broken out of a long-term descending resistance line and is now eyeing new heights. The price action has sent shockwaves throughout the industry, with many traders and analysts alike scrambling to make sense of this sudden turn of events.
Dogecoin’s latest move has seen it push through the $0.208 mark on strong daily volume, which may be a sign that the token is entering an explosive upward phase. The price action has also sent DOGE above its Ichimoku cloud, suggesting renewed market demand and trader interest in the memecoin.
According to Chris, a seasoned technical analyst, this breakout represents a “Big Beautiful Breakout” that could potentially catapult DOGE’s price toward new highs beyond those seen in December 2024. The cryptocurrency may be poised to eclipse the $1 mark, with interim targets at $0.70 and $0.83 marked using Fibonacci extensions.
The analyst also pointed out that traders should hold their bags for the next 1-2 months as DOGE appears to be entering a buildup phase before a larger upward move. The cryptocurrency’s price chart now reflects growing interest from buyers, with volume rising sharply in recent days.
Furthermore, the team at Bitcoinsensus has observed a striking similarity between DOGE’s current structure and historical patterns seen throughout its past cycles. They suggest that the token may be on the cusp of an exponential return, mirroring previous moves that have resulted in substantial gains for early adopters.
As it stands, DOGE is trading above $0.2088 with a 15.89% gain over the last seven days and a 24-hour increase of 6.22%. This surge has also brought trading volume to over $9.4 billion, signaling that traders are once again eyeing the token.
As DOGE holds above the key level of $0.20, bulls may soon find themselves racing toward targets near $0.70 and beyond, potentially taking the cryptocurrency’s price to uncharted territory.
Source: blockonomi.com
