The Dogecoin price has surged by 1.1% in the last 24 hours to trade at $0.1082 as of 4:52 a.m. EST on a 0.1% decrease in trading volume to $645 million. The market cap is now at $15 billion. According to the expert, Dogecoin could be on the verge of entering a significant phase of rapid growth, a pattern that has historically appeared during each crypto cycle. This anticipated period of accelerated growth is expected to last approximately 91 days.
Analyzing the 1-week chart for DOGE, Kenobi highlighted that the coin has posted its third consecutive green week, signaling a strong bullish outlook for the popular dog-themed meme coin.
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🚨 #DOGE UPDATE:
Upon closer examination, #DOGE might be entering a specific rapid growth phase, historically recurring every crypto cycle, expected to last approximately 91 days. The chart has now shown its third consecutive green week. If this trend persists, we project that by… https://t.co/TPqvzJ182B pic.twitter.com/h7nl5CwF7R— Master Kenobi (@btc_MasterPlan) September 23, 2024
If the current trend continues, Kenobi is confident that, in a conservative scenario, Dogecoin could reach the $1 mark by December 2. In a more optimistic scenario, the market expert believes the meme coin could surge even higher, potentially reaching $2.8.
Kenobi also outlined another conservative scenario, predicting DOGE might hit $1.25 by March 2025, with an optimistic target of $3.5. According to Kenobi, these price levels could materialize if history repeats itself and DOGE experiences a second peak after another 91 days of growth. Kenobi reaffirmed his forecast, predicting Dogecoin could reach $1.1 by January 6 and rise to $3.8 by April 7.
DOGE Statistics
- Dogecoin price: $0.1082
- Market Cap: $15 Billion
- Trading Volume: $645 Million
- Circulating Supply: 146 Billion
- Total Supply: 146 Billion
Dogecoin Price Signals a Bullish Reversal
The Dogecoin price shows signs of a bullish trend reversal at the $0.09171 support level. Recently, the price has been experiencing upward and downward movement, resulting in the formation of a falling wedge pattern, which traders see as a bullish reversal signal.
After dropping from the $0.14 resistance level due to the bearish pressure, the bulls are regaining control and encouraging more buys to kickstart a bullish rally.
Dogecoin’s price is experiencing a resurgence, supported by optimistic investors who have maintained the price above the 50-day simple moving average (SMA). There is potential for further gains if the current upward momentum persists, potentially surpassing the 200-day SMA. This will lead both of the SMAs to act as crucial support levels, increasing the likelihood of a bully rally.
Dogecoin Bullish Momentum Continues to Strengthen
The relative strength index (RSI) flows at 57, heading toward the 70-overbought level. With ongoing momentum, The RSI could manage to cross above the 70-overbought level adding hope for bullish reversal. Additionally, the moving average convergence divergence (MACD) also supports the probability of a bully rally. The green bars are seen increasing in number and size.
Conversely, the blue line trading above the orange line also signals high chances of the Dogecoin price experiencing a bullish reversal. The bulls are seen aiming to recover their losses as long as they maintain their momentum and manage to surpass the 200-day SMA. The bulls aim to higher the price to $0.1983, profiting the buyers. On the flip side, if the bears regain momentum they will be aiming to drop the price to $0.0783. This will profit the traders who will invest by selling.
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