Benzinga - Cryptocurrency analysts have made predictions regarding the future performance of Dogecoin (CRYPTO: DOGE), with some anticipating a significant rally of over 30% before 2024.
What Happened: Crypto analyst, Crypto Tony, on Thursday, stated that holding the weekly support zone at $0.069 is crucial in establishing a bullish foundation for DOGE.
If Dogecoin successfully preserves this support, Crypto Tony anticipates a surge in price, potentially pushing it to the $0.090 mark.
The analyst also suggests that if Dogecoin behaves favorably, it could trigger a pump in the broader category of meme coins. "Holding that weekly support zone is key, to building a bullish foundation on. Memecoins could see a trigger pump next if DOGE behaves," the analyst wrote on X.
$DOGE / $USD – UpdateHolding that weekly support zone is key, to build a bullish foundation on. #Memecoins could see a trigger pump next if #DOGE behaves pic.twitter.com/GsB8Dg1MbS
— Crypto Tony (@CryptoTony__) November 2, 2023
Rekt Capital, another analyst, emphasized in a newsletter that Dogecoin has experienced a remarkable rally of +31% from the Channel Bottom to the Channel Top. Notably, DOGE even exhibited an upside wick beyond the Channel Top, resembling previous occurrences highlighted in orange.
However, a concerning development emerged as DOGE Weekly Closed below the Channel Top. This implies that unless the price can regain the Channel Top as support in the coming days, there is a risk of a stronger rejection that could potentially drive the price to the bottom of the market structure. Historical analysis indicates that, in such situations, Dogecoin has tended to revisit the Channel Bottom for a retest, as per the analyst.
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Why It Matters: Despite this cautionary observation, crypto analyst Ali Martinez expressed optimism about Dogecoin’s breakout from a multi-year descending triangle on the DOGE weekly chart.
Martinez believes this breakout, combined with a buy signal from the TD Sequential indicator, reinforces the bullish outlook for DOGE. Confirming the buy signal within this timeframe strengthens the potential for further price appreciation.
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