Dogecoin Targets $0.8 ATH Amid Bullish Chart Formation
Dogecoin (DOGE) is showing signs of a strong bullish phase, with analysts highlighting a rare chart pattern that may lead to a significant price rally.
Key Points:
- An analyst, Mikybull Crypto, noted that Dogecoin has completed the Bump and Run reversal pattern, which often precedes major breakouts.
- The target price for DOGE is set at $0.8, suggesting a potential gain of approximately 220% from its current trading level of around $0.25.
- This move could surpass the previous all-time high of $0.73, reaching a new peak with an additional 9.6% upside.
- Another expert, Unipcs, highlighted a tightening wedge structure in DOGE's price action, indicating a possible breakout towards the $1 mark.
- Unipcs links the bullish outlook to recent developments such as a FED interest rate cut and the DTCC listing of a Dogecoin ETF.
- Institutional players are reportedly accumulating Dogecoin, reinforcing the positive market sentiment.
Analysts suggest that Dogecoin's structure remains bullish on higher time frames, aligning with macroeconomic factors and new financial products related to the cryptocurrency.