Dogecoin Set for Potential Surge as Key Momentum Trigger Approaches
Dogecoin's higher-timeframe momentum indicators are resetting, signaling a potential setup for significant price advances. Key points include:
- The current cycle has exited a multi-month falling wedge and completed a successful retest of resistance as support.
- DOGE trades around $0.23, positioned above the wedge ceiling but below horizontal supply bands.
- Momentum analysis shows Monthly Stoch RSI crossing upwards from 13, with a target to surpass 20, which historically indicates strong upward movement.
Analyst Kevin highlights that if BTC sustains its upward trend while ETH enters price discovery, DOGE could experience significant movement. He identifies Fibonacci extension targets at:
- $3.97 (1.618)
- $4.33 (1.65)
- $5.00 (1.703)
In parallel, an Ichimoku Cloud analysis by another chartist indicates that DOGE is attempting to rise above the cloud after bouncing off support. This aligns with the bullish momentum signals observed in the longer timeframe.
Overall, if key momentum levels are maintained alongside favorable market conditions, DOGE may target the identified Fibonacci extension levels this cycle. Current trading price is $0.223.
