Dogecoin has certainly fallen quite far from its all-time high this year. While this sideways movement and a recent correction have been going on for quite some time, the price action is a reflection of the broader crypto market movement. However, DOGE continues to pick up bullish opinions among traders. Its popularity and status as the biggest meme coin continues to generate optimistic sentiment within the trading community.
Crypto analyst Astronomer believes that DOGE is still the best choice for a strong bull run on the technical front. According to Astronomer, DOGE’s current price structure demonstrates relative strength that sets it apart from the price action of other cryptocurrencies since the fourth quarter of 2023, suggesting that the coin has the potential to recover and even thrive in the near future.
DOGE on track to rise above $0.2
The technical analysis of the astronomer’s DOGE, which he shared on social media platform
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This event marked the end of a multi-year bearish cycle, which led to bullish sentiment across the crypto market. As a result, many cryptocurrencies experienced significant price increases, reaching new multi-year highs.
While many market participants may argue that the market is still largely in a bullish cycle, many cryptocurrencies are even corrected below Prices Q4 2023. However, Astronomer notes that DOGE stands out in this regard, as it has managed to maintain a price level above its value in the third quarter of 2024.
At the time of writing, DOGE is trading at $0.1057. Although the meme coin is still up 29% from its price at the beginning of the year, it has corrected 52% from the yearly high of $0.22. Additionally, DOGE has made a 12% correction from its opening price of $0.121 in Q3 2024; a crucial price point. According to crypto analyst Astronomer, all cryptocurrency needs now is to break above a new local high to cement the return of a bullish price run.
Price targets for Dogecoin
In terms of a price target, the analyst’s shared Dogecoin/Tether price chart predicts that DOGE will double its current value and climb back above $0.22 later this year. The analyst’s projections are even more bullish, suggesting that DOGE could cross $0.26, which would mark a notable 145% upside from its current trading price.
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However, the recent DOGE price action suggests several resistances before USD 0.22. Nevertheless, the analyst remains confident that once DOGE successfully breaks this local high, it could trigger a renewed and sustained upward move, further fueling bullish sentiment around the coin.
Featured image created with Dall.E, chart from Tradingview.com
