Dogecoin is experiencing a notable upward trend, generating positive feelings among its supporters. As traders look to capitalize on this surge, crypto expert Kiu has shared essential pointers for those considering investing in DOGE.
Key Considerations as Dogecoin Sees an Upsurge
In a recent TradingView analysis, Kiu advised investors to watch for a definitive breakout, specifically noting the need for two consecutive 4-hour candles to close above the resistance level of $0.19460. He mentioned that if Dogecoin manages to retest this line as a new support level, it could be an ideal opportunity to enter a long position. Additionally, he suggested placing a stop loss around the current low of $0.12500.
Kiu elaborated on Dogecoin’s current market behavior, indicating that the price is moving beyond a descending channel, signaling a potential bullish trend. He emphasized the importance of the resistance zone near $0.19460, which coincides with previous high points and a marked resistance area.
Furthermore, Kiu identified the apex of the wedge as a primary target for this anticipated rally, where $0.45143 serves as a significant resistance level. This target corresponds with a local high reached by Dogecoin after a bullish surge that began in October of the previous year.
Another analyst, Kevin Capital, suggested that Dogecoin could experience a substantial upswing once Bitcoin’s dominance reaches its peak. His analysis indicates that DOGE might at least escalate to the highly sought $1 mark.
DOGE’s Short-Term Projection of $0.29
Trader Tardigrade forecasted that Dogecoin could rise to $0.29 shortly. He pointed out that DOGE is breaking out of a diamond pattern on its daily chart, with this price target expected to be reached by the end of the month.
In another analysis, Tardigrade predicted that Dogecoin would maintain its bullish behavior. He noted a breakout in the RSI visible on the daily chart, which tends to occur following each 29-day span during which DOGE experiences a price increase. He affirmed that the coin’s upward trend appears consistent and is “programmed.” Dogecoin is already attempting to surpass the significant psychological level of $0.2, which could lead to further price increases.
Currently, Dogecoin is valued at approximately $0.19, marking an increase of over 8% in the past 24 hours, according to CoinMarketCap data.
