Dogecoin Could Rally to $0.50 If Parallel Channel Breaks
An analyst predicts that Dogecoin could rally to $0.50 if it breaks the upper boundary of its current technical pattern.
Technical Analysis Overview
- Dogecoin is trading within a Parallel Channel, indicating price movement between two parallel trendlines.
- The upper line acts as resistance; the lower line provides support.
- A breakout from either boundary suggests a continuation of the trend in that direction.
- The current channel reflects consolidation without significant upward or downward movement.
- Recent price action shows Dogecoin retested the resistance line in July but faced rejection.
- Currently, Dogecoin's price is around $0.245, with potential resistance at $0.29.
- If Dogecoin breaks past this level, it could target $0.50, representing a 104% potential return.
DOGE Price Update
As of now, Dogecoin is priced at approximately $0.245, marking a 12% increase over the past week.