Experienced market analyst of the highly followed High Altitude Investing channel suggested that a significant upward movement on the Dogecoin chart is at the door. In the detailed analysis video published on April 17, both short-term technical signs and long-term price projections were discussed. At the time of the analyst’s post, Dogecoin was at $ 0.10.
Buy signals in the short term
The analyst stated that Dogecoin’s latest correction process has been completed and the upward movement may begin in a short time. He bases this opinion on technical indicators in different time periods. An ABC correction has been detected on the daily chart. This structure indicates that the correction is over, according to Elliott Wave theory.
When this correction is seen in conjunction with a bullish MACD divergence, a strong technical signal for short-term buying emerges. Additionally, the 45-minute chart shows that Dogecoin has made an upward move from the triangle formation. According to the analyst, this breakout is a clear indicator that the price will gain momentum in the near term.
Additionally, the 10-day candlestick chart was also taken into consideration; Here too, oversold MACD conditions attract attention. The analyst supports the positive scenario by emphasizing that this level is similar to the previous major increases in the past.
Is a new cycle starting in Dogecoin?
At the time of publication, Dogecoin is trading at $0.09594 and is down approximately 4.86 percent in the last 24 hours. This recent surge in prices has investors wondering about the short-term direction.
The analyst also supports the long-term potential in Dogecoin price through a ‘fractal’ argument. According to him, Dogecoin repeats the chart structure drawn by Bitcoin before the big Bitcoin rally in 2021. This structure; It is summarized by an initial rise, a sharp correction, followed by a second rally and lows again. After all these stages, it seems that a much larger movement has begun.
The analyst, who also made this comparison for XRP, argues that XRP’s rise in 2024 is a result of the same model. He states that due to the cyclical nature of cryptocurrencies, this formation is not unique to Dogecoin.
Stating that “Not only Dogecoin, but also Bitcoin and XRP have drawn exactly the same pattern in the past,” the analyst bases his long-term big price targets on these similarities.
Target: May exceed $2 in the long term
Evaluating the Fibonacci extensions used in technical analysis, the analyst compared the structure of Dogecoin with the previous Bitcoin cycle. According to the projection made; DOGE may reach a level above $2, which is the 3.618 Fibonacci extension, if the uptrend continues. The higher levels of 5,618 and 6,618 may move the price to the range of $ 3 to $ 5.
Acknowledging that these could be surprisingly ambitious targets for the market, the analyst is of the opinion that cryptocurrencies could test these levels in a bull cycle.
