By Michael Scott
Analysts are optimistic that Dogecoin (DOGE) will outlast the brief cool-off to stage a 120% surge in the unit price range.
Dogecoin has faced struggles to regain footing that saw the memecoin briefly test $0.4359 earlier. Market observers are optimistic that Dogecoin will garner the lost bullish steam to chart new territory.
A look into the charts shows the DOGE oscillated within a tight 0.35 – $0.38 range. While that illustrated the weak price action, analysts are optimistic that Dogecoin will regain the lost steam. Dogecoin shows promising signs of staging a comeback in future, considering that a 10% green candle elevated it to the $0.40 range.
For context, Dogecoin plunged below the $0.40 mark on November 14 only to regain the target level on November 19 at $0.4111 momentarily. Surprisingly, Dogecoin witnessed a pullback to a $0.371 floor price on November 20, only to recover on Saturday and set a weekly peak at $0.4759.
Is Dogecoin Headed for a 120% Surge?
The recent bullish signal caught the attention of market observer Ali Martinez, suggesting that Dogecoin could build momentum on the rally to a 120% uptick. The analyst points out that the memecoin will blast beyond the usual range, indicating a potential 120% upsurge to $0.82.
Martinez notes in the four-hour chart that Dogecoin witnessed a seven-day price consolidation since the multi-year peak at $0.4359. The analyst hints that the DOGE seems destined to overcome the range-bound pattern. In his insight, the analyst considers the meme coin will realize the $0.82 in a pathway to a $1 price target.
A prominent market analyst identified as “Professor Astrones,” adds weight to the Martinez bullish outlook, indicating that Dogecoin will break out from the price consolidation. The analyst revealed the two-hour chart shows the DOGE on course towards reversing the ranging trend.
Dogecoin Path to New Peak
The analysts reiterate that Dogecoin should clear several resistance levels as it seeks a new peak. The analyst notes the immediate hurdle as crossing above the $0.4402 level aligning with the Fibonacci 1.0. Such is the level where the DOGE that the memecoin faced rejection the previous week.
The analyst considers if Dogecoin successfully clears the level, it would encounter additional resistance at $0.65 and $0.55. The next hurdle lies within the $0.70 range, nearly coinciding with the 1.618 Fibonacci level.
While the path to a new peak features several challenges for the DOGE, its worth mentioning that the memecoin already overcame $0.2200 and $0.3000 levels within a 48-hour timeframe. Such occurred during the explosive run, November 10-12, when it leaped from $0.2173 to $0.4359, per CoinGecko.
DOGE to $1 and Beyond
The crypto community anticipates Dogecoin will eventually hit the $1 mark, just as they await Bitcoin to realize the $100K threshold. Some analysts acknowledge the Dogecoin cycle is peaking and could test $18 and $23. Martinez had earlier indicated a 4,443% leap to $18 is possible.
The on-chain expert defended the target through a highly speculative level, highlighting that the meme coin king was trading within the ascending price channel. The analyst considers such features a pair of boundaries, middle and upper, acting as the resistance levels DOGE should clear as the price moves upward.
Martinez notes that if the DOGE tests the middle boundary, it translates to $2.40. Additionally, sustained bullish steam could push the prices to the upper boundary of $18.
An expert trader considers the DOGE to be the budget XRP, indicating that the price could replicate the uptrend witnessed in the altcoin. The sentiment features in a recent X post by DonAlt suggesting that Dogecoin and XRP accompanying charts show similar trajectory in price since the onset of November.
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