This Crypto Trader Correctly Called Dogecoin Price Break Above $0.3 Back In October, The True Target Will Shock You
11 Novembre 2024 - 10:00AM
NEWSBTC
Crypto trader Melika correctly predicted that the Dogecoin price
would rally to $0.3 back in October. Interestingly, this was only
the trader’s first target, as they also provided higher targets
that the foremost meme coin could reach in the short and long
term. Dogecoin Price To Rise To $3.80 In The Long Term In the
TradingView post, Melika predicted that the Dogecoin price could
rise to $3.80 in the long term. The crypto trader gave these price
targets back in October based on a cup-and-handle pattern forming
on Dogecoin’s chart. This is a bullish continuation pattern in
which the price rallies after a consolidation phase. Related
Reading: Bitcoin Price Enters ‘Second Breakout Of The Cycle,’
Analyst Puts Peak Above $150,000 Back in October, Melika stated
that if the handle pattern completes and breaks upward, the
Dogecoin price could reach $0.38 and $0.52 as immediate targets. He
added that a breakout above the pattern’s neckline could lead to a
long-term price target in the $3.80 area, which aligns with higher
resistance levels, which he highlighted on the chart. In a
recent update on the October post, Melika confirmed that the trade
is still active and that the Dogecoin price is heading toward the
target. As such, Dogecoin will likely rally to $0.52 soon enough
and then $3.80 in the long term. Crypto analyst Dima James
also recently highlighted a cup-and-handle pattern that was forming
for DOGE, as he predicted that the Dogecoin price could reach $10.
The analyst noted that the meme coin has formed this bullish
pattern in every market cycle. Dogecoin rallied over 3,300% in 2016
and 12,000% in 2021 after this cup-and-handle pattern formed.
DOGE Completes First Weekly Golden Cross In Four Years
Self-acclaimed DOGE lead analyst on X Kevin Capital revealed that
Dogecoin has completed the textbook weekly Golden Cross for the
first time in four years, with the 50 SMA crossing the 200. The
analyst noted that this signals that the Dogecoin price will likely
rise soon enough. Related Reading: Can The Donald Trump Win
Drive Bitcoin Price To $170,000 This Cycle? He further revealed
that in 2020, when the Golden Cross happened, the Dogecoin price
dipped for a couple of weeks before surging to new all-time highs.
As such, he warned market participants to be slightly cautious in
the short term since Dogecoin could again experience a correction,
just like in 2020. However, he added that if the Bitcoin price
decides to maintain its upward trend, then DOGE will also do
so. Meanwhile, in another X post, Kevin Capital opined that a
Dogecoin price rally to $3.90 in this market cycle looks unlikely.
He added that a rise to $1.80 is also a stretch but can definitely
happen depending on Bitcoin’s performance in this bull run.
At the time of writing, the Dogecoin price is trading at around
$0.28, up over 25% in the last 24 hours, according to data from
CoinMarketCap. Featured image created with Dall.E, chart from
Tradingview.com
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