Interest in Dogecoin appears to be rising once again with the meme coin demonstrating the potential for another notable price upswing, capturing the attention of investors and crypto enthusiasts as they anticipate a massive run-up to a new all-time high in the ongoing market cycle.
Dogecoin To Hit A New Peak In The Next Parabolic Run?
As Dogecoin gears up for another leg up, Trader Tardigrade, a market expert and crypto content creator, has forecasted an impending price surge for DOGE that could push the crypto asset to a new all-time high, sparking optimism within the community about its capacity in the short term.
Trader Tardigrade’s bold prediction shared on the X (formerly Twitter) platform implies that DOGE’s next rally could see the meme coin surpass its previous peaks, considering indicators and price trends seen in previous market cycles. It is worth noting that the market analyst anticipates an uptick due to DOGE reaching key Fibonacci ranges, paving the way for a rocket-like price rally.
According to Trader Tardigrade, Dogecoin has currently moved into the Fibonacci range between 0.618 and 0.88, a zone where DOGE entered a consolidation phase for several weeks as a stage station during the 2018 to 2021 market cycle.
In the event that Dogecoin breaks out from the zone, the analyst is confident that the meme coin is “bound for a rocket ride” to a new all-time high, reflecting the crypto asset’s resiliency over past cycles. Meanwhile, he claims that the present price peak is merely the first station, noting that DOGE still has a long way to go.
This prediction comes in light of a general belief about Dogecoin’s path to the $1 milestone in the ongoing cycle. With the current all-time high at the $0.7 level cited as the first station when DOGE goes on the anticipated rocket ride to new peaks, the $1 mark could be much closer than we think.
Trader Tardigrade also noted that Dogecoin’s anticipated price rally is gaining critical support from the mid-band of the Gaussian Channel, a technical indicator frequently used to examine momentum and price patterns.
The emergence of this bullish trend, which often preceded huge upswings marks its third time in history. Thus following this price action, the expert believes DOGE will witness an incredible pump, potentially to a new peak.
DOGE Regaining Its Upward Momentum
After experiencing a brief pullback, DOGE is currently exhibiting signs of a rebound, indicating renewed upside momentum. This renewed strength has triggered strong positive sentiment as huge capital has been flowing into the digital asset over the last few days.
At the time of writing, Dogecoin is gradually approaching the $0.40 price level with a daily surge of about 5%. Its trading volume has risen by nearly 26% in the past day, indicating growing investors’ confidence in the meme-inspired cryptocurrency.
Featured image from Unsplash, chart from Tradingview.com
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