The post Dogecoin (DOGE) ready for 90% – 180% rise? Analyst Hinted at Key Bullish Indicator appeared first on Coinpedia Fintech News
Dogecoin (DOGE), the popular meme-inspired cryptocurrency, may be on the verge of another significant price increase. Crypto chart analyst Ali Martinez has pointed out that a bullish signal is coming, which has historically led to gains of 90% to 180% for DOGE. This important technical indicator could soon trigger a major price rally, similar to those seen in previous cases.
Will There Be A Bullish MACD Crossover?
According to Ali Martinez, the Moving Average Convergence Divergence (MACD) indicator, a widely followed momentum signal in technical analysis, is showing signs of a new bullish crossover on Dogecoin’s weekly chart.
Previously, when Dogecoin experienced this crossover, the token rose by 90% and 180% respectively. Now the crypto community is buzzing as another potential MACD bullish crossover is forming. If history repeats itself, DOGE could be on track for another impressive price increase.
While the exact timing of the outbreak remains uncertain, investors are closely watching the charts for confirmation of this key indicator.
Dogecoin’s annual high and correction
On March 28, 2024, Dogecoin reached its yearly high of $0.22 after completing a five-wave pattern that started in October 2023. However, after this impressive rise, DOGE entered a prolonged correction phase and formed a descending triangle. Despite this dip, the current technical situation indicates that the correction may be coming to an end.
Can DOGE reach new highs?
With Dogecoin climbing higher, analysts believe that wave 3 of its uptrend has completed, reaching the Fibonacci extension level of 1,618 at $0.13. The next target could be the Fibonacci extension level of 2.272, around $0.144, meaning a new higher high may be on the horizon.
Breaking out and retesting the previous resistance, which now acts as support, further strengthens the bullish outlook for DOGE.
Currently, Dogecoin is trading around $0.11, reflecting a slight decline in price over the past 24 hours.