Could Dogecoin be about to hit new record highs? Several crypto analysts think so, but there’s a key hurdle to overcome first.
The $0.57 Hurdle
Crypto analyst Crypto Jack sees $0.5696 as the major resistance level for Dogecoin. He points to an ascending price channel with Fibonacci levels acting as support and resistance. He believes breaking through $0.5696 could send Dogecoin soaring to as high as $2.70! His chart shows clear sailing after that resistance level is broken.
Other Analysts Weigh In
Other analysts share the bullish sentiment. CryptoElites also predicts a Dogecoin rally to $2.70, possibly hitting $2 by April or May. Aliimn sees a potential surge above $2 based on a breakout from a long-term descending triangle. Master Kenobi offers a more conservative prediction of $1.10 by June, still a new all-time high, citing a bullish pattern from Dogecoin’s 2017 bull run.
A Make-or-Break Moment for DOGE?
Analyst Ali Martinez calls this a critical moment for Dogecoin. He shows a chart indicating Dogecoin is at the lower boundary of an ascending channel. Falling below $0.17 could trigger a significant price drop. However, holding above this level could lead to a rebound, potentially reaching $3 or even above $16.
Betting on a Rebound
Trader Tardigrade is optimistic, believing Dogecoin’s time to shine is near. He highlights a pattern in the DOGE/BTC chart that he interprets as a final dip before a strong upward reversal.
Current Price and Outlook
At the time of writing, Dogecoin is trading around $0.169, a 3% increase in the last 24 hours. Whether it can overcome the $0.57 resistance and reach the predicted highs remains to be seen, but several analysts believe the potential is there.
