Dogecoin is at a significant price level following a market surge driven by the Federal Reserve’s announcement of a 50 basis point interest rate cut.
The meme coin is close to breaking the resistance which could fuel the rally higher. Analysts and investors are making bold predictions, with one analyst predicting a “constant” 1,000% rise if the price becomes stronger.
DOGE has been trading above strong demand levels and is targeting higher territory to break its current price structure. A change in this structure would lead to a significant rally, which would send the entire meme currency market higher. As market sentiment builds, the coming days will determine whether Dogecoin will capitalize on this opportunity.
Dogecoin Analyst Expects $3 This Cycle
The cryptocurrency market is facing a surge after weeks of selling pressure and uncertainty. This has boosted confidence among investors who are expecting a bull run that may begin in the next few weeks.
Dogecoin is trading at a critical level that could trigger a rally to the upside. Notably, a well-known Dogecoin analyst, Kevin, shared a bold prediction on X, presenting three possible scenarios based on how this market cycle plays out.
Kevin’s technical analysis shows that Dogecoin is close to breaking out of a falling pattern, a classic bullish formation that is often associated with significant price gains. According to his analysis, DOGE is still a few green weeks away from reaching its first gold cross – the main bullish signal – in more than four years.
Kevin offers three possible price targets for market performance: $0.93 if Dogecoin is performing well, $2.27 if it experiences an outperformance, and $3.80 in a “stellar” performance scenario. He notes that these results are highly dependent on how the broader economic cycle develops.
Despite the excitement surrounding this prediction, Dogecoin faces potential risks. If the price action fails to keep up with the crypto market, traders and investors can end up with nothing.
The coming weeks will determine whether Dogecoin can break through and target these ambitious price levels. With the broader market showing signs of recovery, all eyes are on DOGE to see if it can capitalize on the momentum and reach new highs.
DOGE Holds Strong Above $0.10
Dogecoin is trading at $0.104 after a volatile Wednesday, when the price rose 5% in less than 24 hours.
DOGE is approaching key supply levels around $0.115 after successfully retrieving the 4-hour moving average (EMA) at $0.102 and the 4-hour moving average (MA) at $0.101. This price action suggests short-term strength, sparking optimism among bulls who are willing to push the price to higher leverage levels.
However, there are risks if DOGE fails to maintain this momentum. If the price struggles to close above $0.108 in the coming days, it can lose its bullish support from these indicators, leading to a deeper correction. If so, DOGE may target lows around $0.097, and a loss of the 4-hour EMA and MA will indicate weak momentum.
Historically, meme coins tend to go higher when they gain momentum. Any price movement in the coming days may cause significant volatility.
Featured image from Dall-E, chart from TradingView