Dogecoin (DOGE), the leading meme-based cryptocurrency, is exhibiting signs of a potential significant price increase, as multiple technical indicators suggest an impending bullish trend.Â
Market analyst Ceciliones has identified a bullish pennant pattern on DOGE’s 12-hour chart, a formation that typically precedes upward price movements. This pattern, combined with a recent MACD crossover and an RSI reading of 61, indicates growing buying pressure without the asset being overbought. Based on these factors, Ceciliones projects DOGE could reach $1, representing a 128% increase from its current price of approximately $0.44 .
Further supporting this optimistic outlook, analyst Ali Charts notes that previous MACD bullish crossovers on DOGE’s weekly chart have led to rallies of 90% and 180%. The MACD lines are once again approaching a crossover, suggesting a similar upward movement may be imminent .
Additionally, a hidden bullish divergence has been spotted on DOGE’s 4-hour RSI chart, indicating that despite declining momentum, the price remains stable—a potential sign of an upcoming rally . Analysts also point to increased network activity and whale accumulation as factors that could drive the price higher.
While these technical indicators and market activities suggest a bullish trajectory for Dogecoin, it’s essential for investors to conduct thorough research and consider market volatility before making investment decisions.
