Dogecoin has recently shown notable price momentum, breaking out of a lengthy consolidation period with a significant upward trend. Over the past few weeks, Dogecoin has experienced a remarkable increase, rising from under $0.14 to surpassing $0.22. Just in the last 24 hours, the original meme coin has ascended past $0.24, moving away from a narrow trading range between $0.21 and $0.235 that had characterized the previous week.
Analysts suggest that, based on a prominent technical indicator, Dogecoin’s upward trajectory might be just starting to unfold.
Technical Indicators Signal Potential Surge
Market analyst CryptoConnoisseur has highlighted an intriguing signal on Dogecoin’s weekly Stochastic RSI. In a recent update shared on social media platform X, the analyst pointed out that the present scenario mirrors a critical technical pattern identified before a significant price increase of over 243% in late 2024.
A pivotal moment preceding this substantial spike was the crossover of the Stochastic RSI lines, hinting at the initiation of a long-term bullish trend. This crossover has reoccurred, with the lines exhibiting a pronounced upward movement, and entering what CryptoConnoisseur referred to as a robust bullish zone.
The chart indicates that during late 2024, this RSI configuration was closely followed by a sharp increase from around $0.10 to $0.48 within a span of weeks. The visual representation highlights the breakout area marked with a distinct colored rectangle, showing the similar Stochastic RSI trigger and the resultant price rally from the previous year, characterized by a strong base leading to aggressive upward movement.
Potential Targets: Dogecoin Aiming for New Heights
At the time of the analysis, Dogecoin was trading slightly above $0.22 and was showing impressive weekly gains, having rebounded sharply from its recent low of $0.215. This bounce back was indicative of a critical support level, formed from breakout patterns that have been in place since early April.
If Dogecoin maintains a similar trajectory as it did during the closing months of 2024, a 243% increase from the current $0.22 price level could potentially target prices near $0.75, placing it within the realm of unprecedented highs.
Interestingly, Dogecoin has demonstrated early upward momentum with trading above $0.22. As of now, DOGE stands at $0.2425, having seen a 7.6% increase over the last day. Should the coin replicate its late 2024 performance, projections suggest it could reach approximately $0.75 by July, according to CryptoConnoisseur’s insights. However, the first consideration would be overcoming the significant resistance level at $0.25.
