Crypto
Analyst Predicts Explosive Move for Dogecoin Price
courtesy of bitcoinist.com
Big Blowout Expected for Dogecoin
Dogecoin, the meme coin that has garnered attention in the crypto world, is predicted to have a delayed but explosive move, according to top crypto analyst Alan Santana. Santana took to TradingView to share his bullish sentiment for the DOGE price.
Price Targets Mapped Out
Santana mapped out three price targets for Dogecoin over a six-month timeframe. The first target is a 70% move up from its current price level, potentially bringing the meme coin above $0.1 and as high as $0.136.
Next Target: Above $0.15
Hitting the next target would mean DOGE's price moves 94% from its present value, reaching just above $0.15. This target is expected by other analysts as well.
Final Target: Above $0.18
The last target is a 133% increase, with a mark above $0.18. This target is not out of reach, as Dogecoin's previous all-time high is at $0.7. Santana points to a long-term higher low as the reason this is possible.
Technical Indicators Point to Breakout
Other technical indicators, such as the Exponential Moving Average (EMA), suggest a possible breakout for Dogecoin. The price of DOGE is still trading safely above its EMA200 and EMA300, and with volume accumulating, it is still early for Dogecoin.
Potential for Correction
While a correction in the DOGE price is possible, Santana does not believe it will happen yet. The RSI remains strong but has not been overbought, and Dogecoin is trading above the descending trend line, maintaining its bullish outlook.
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