Analyst Calls Out Fourth Dogecoin Price Rally To Result In 520% Gains
Dogecoin has been shifting in a comparatively tight vary prior to now 24 hours, round $0.24, after rejecting attempts to push increased above $0.28 final week. This consolidation motion has given rise to a technical setup on the weekly candlestick timeframe chart that would decide whether or not the next big move is around the nook. According to a technical evaluation shared on the social media platform X by an analyst often known as Hailey, Dogecoin could also be making ready for a breakout that would ship it on an explosive 520% rally.
Supertrend Indicator Signals In Focus
The analysis by crypto analyst Hailey highlights the significance of the Supertrend indicator, which has been a dependable information for Dogecoin’s worth actions in earlier cycles. Particularly, utilizing this indicator on the weekly candlestick timeframe chart reveals that every time DOGE flipped above the Supertrend crimson line prior to now two years, its worth went on to register a breakout with share good points.
The first of such breakouts, which was in November 2023, produced an 84% surge. The second breakout was in early 2024, and this pushed the Dogecoin worth about 194% increased. The third and strongest breakout got here in November 2024, which resulted in a staggering 446% worth surge.
According to the analyst, Dogecoin’s present market construction is exhibiting comparable circumstances, and if it flips inexperienced on the Supertrend line as soon as once more, its worth motion may embark on a fourth rally.
Possibility Of A 520% Breakout
The chart accompanying Hailey’s publish outlines the historic rallies and initiatives what one other profitable breakout may appear like. The technical setup in the chart above reveals Dogecoin hovering slightly below the Supertrend resistance trendline, and the constructive outlook is dependent upon a decisive shut above it.
Interestingly, the latest candlestick is enjoying out an indecisive Doji formation after two bullish candlesticks. This formation is very similar to those Dogecoin went by earlier than every of the earlier flips.
Each prior inexperienced flip has delivered more and more bigger returns, shifting from 84% to 194% after which to 446%. A fourth rally in step with this sequence would logically level towards one other vital growth. This time, the value goal sits at practically $0.90 per token. This wouldn’t solely characterize a 520% acquire from the breakout degree but in addition a brand new all-time high for the meme cryptocurrency.
The most essential factor now for a bullish flip is for Dogecoin to overcome its most up-to-date rejection at $0.28 and close the week above $0.3. However, the analyst additionally cautioned that failure to interrupt by may ship the Dogecoin worth again to a retest of the final weekly lows.
At the time of writing, Dogecoin is buying and selling at $0.2422.