Recent analyses by cryptocurrency expert Rekt Capital highlight significant movements in the Dogecoin market. According to his observations, the popular meme-based cryptocurrency has the potential to surge towards the $0.25 mark, provided it maintains a crucial support level.
Dogecoin Targets $0.30 After Breaking Previous Resistance
In a recent post on X, Rekt Capital emphasized that Dogecoin has successfully closed the week above previous resistance levels. He noted that this development symbolizes a pivotal opportunity for the coin to convert its former resistance into new support. According to the daily charts, a significant rally towards $0.30 could be imminent if Dogecoin stays firmly above the $0.20 barrier.
Further commentary from Rekt Capital reiterated the idea of a potential rally to $0.30, contingent upon the price holding steady at the old resistance level. Together with insights from fellow analyst Ali Martinez, they pointed out that Dogecoin currently faces a vital resistance zone, impacting its ability to rally substantially.
Despite the potential caution surrounding a market correction, another analyst, Master Kenobi, hinted that Dogecoin may continue its upward trajectory. In his recent post, he speculated that the next five to seven days could bring a significant price increase, maybe even reaching an unprecedented all-time high by week’s end.
Earlier this year, Master Kenobi made headlines with a bold forecast, predicting Dogecoin could skyrocket to $1 by June. He speculated that the current trends mirror those seen during the explosive bull run of 2017, suggesting a potential repeat of that momentum.
DOGE Could Reach $0.40 Following Breakout Confirmation
In another insightful analysis, seasoned trader Trader Tardigrade suggested that Dogecoin could advance to $0.40 upon breaking through existing resistance levels. He pointed to the formation of a new bullish pennant on the 4-hour chart, with targets set at $0.40.
In his observations, Trader Tardigrade insisted that Dogecoin continues to show bullish momentum, citing a promising inverse head and shoulders pattern that indicates a solid upward trend. His analysis revealed that staying above $0.24 could propel Dogecoin into further gains.
Support for Master Kenobi’s $1 prediction was echoed by Tardigrade, who noted a significant bullish crossover on the weekly MACD, reaffirming the optimistic outlook for Dogecoin.
As of now, Dogecoin is trading at approximately $0.22, reflecting a downturn of over 7% within the last 24 hours, based on the latest figures from CoinMarketCap.
