Dogecoin’s price action has been incredibly strong as the meme coin burst with huge gains amid a surge in the crypto market. The meme coin’s rally was underscored when it recently crossed the $0.12 mark, confirming a bullish breakout from a multi-month slump. Notably, the analysis of Dogecoin was previously reported by Bitcoinist reveals the key levels that define values for the meme coin, and $0.12 for being large.
This significant increase may just be the start of the Dogecoin rally. It is interesting that this idea is so echoed by dozens of crypto analysts and meme coin investors. In particular, another popular crypto trader (Crypto Rand) emphasized that DOGE is now uploading a picture of the moon, a comment made to confirm the building momentum.
Dogecoin’s Next Target: The Moon
Crypto trader Crypto Rand recently took to social media platform X to share a detailed analysis of the Dogecoin market performance, using the Dogecoin/TetherUS chart to illustrate his observations. In his post, Rand highlighted Dogecoin’s impressive breakout from the multi-month decline that has been playing out since April.
At the time of the analysis, DOGE had just managed to surpass the $0.11 mark and was in the process of testing the key resistance level at $0.12. As such, the analyst noted the importance of this price action, encouraging investors not to miss the opportunity to buy while noting various levels of price rally.
“Don’t miss $DOGE, Uploading Photo of the Month!”
Since the time of his first post, Dogecoin has continued to gain momentum, confirming Crypto Rand’s bullish outlook. DOGE managed to break cleanly above the $0.12 level for the first time in two months, indicating that the breakout was in full effect.
Rand followed with a new updateconfirming Dogecoin’s continued progress and confirming his earlier call that the “moonshot” was indeed ongoing. Interestingly, the DOGE chart shared by the analyst notes some key prices to watch as the rally unfolds. As of now, the immediate price target is a 16% increase to $0.14. The next price points are $0.17 and $0.225, representing 42% and 88% of the gains from $0.12.
Don’t miss it $DOGEloading moon image! 🐶 pic.twitter.com/Dqrs8902eW
– Crypto Rand (@crypto_rand) September 26, 2024
DOGE Returns to New Annual Highs?
Rand’s analysis resonates with many meme coin enthusiasts and crypto investors, who see Dogecoin’s current price action as a precursor to even bigger gains. A the same analysis with Veteran crypto trader Peter Brandt commented on this downtrend.
He emphasized DOGE’s target just above the 2024 high of $0.22. Famous crypto analyst Ali Martinez also highlighted this outbreak using the RSI and the buy signal from the SuperTrend indicator.
At the time of writing, DOGE is trading at $0.123, reflecting a 17% gain over the past seven days. In the short term, DOGE now has a free plan up to the price level of $0.14. Data from IntoTheBlock shows that only a small volume of DOGE stands in the way of hitting that target, suggesting a smooth run.
Featured image from Pinterest, chart from TradingView