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Dogecoin

Dogecoin Price Pegged At $3.6 As These Bullish Factors Line Up

Scott Matherson
by Scott Matherson
4 months ago
·
Posted in Altcoins, Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Dogecoin price could be getting ready for a major breakout as technical and macroeconomic indicators line up for a potential bullish rally. Despite recording major declines over the past few months, a crypto analyst has projected that Dogecoin may be targeting a new all-time high of $3.6. 

Dogecoin Price Headed For $3.6 Breakout

A fresh macro chart analysis highlights a strong setup for a Dogecoin price surge to $3.6. Historically, DOGE’s price action has followed a pattern of experiencing long periods of consolidation within Descending Wedge patterns and falling channels before erupting into explosive price moves. 

Related Reading: Dogecoin Long From Here? Possible 300% Extension Could Be Profit-Making Opportunity

This pattern played out dramatically during the 2021-2022 bull run and DOGE appears to be repeating in the current market cycle. According to a chartDogecoin Long From Here? Possible 300% Extension Could Be Profit-Making Opportunity by Kevin, a crypto analyst on X (formerly Twitter), Dogecoin has once again broken out of a multi-year downtrend. The meme coin is also successfully retesting key technical channels and positioning itself for a renewed upward move. 

The technical analysis points to key Fibonacci retracement and extension zones, with the 1.618 extension target projecting a price rally to $3.6. Given Dogecoin’s historical tendency to outperform during favorable conditions, the chart suggests that a similar pattern could repeat, especially now that market dynamics seem to be shifting. 

Dogecoin
Source: Kevin on X

Previously, the Dogecoin price had rallied massively, outperforming Bitcoin and most altcoins in the market. Notably, Kevin has disclosed that macroeconomic conditions also appear to be shifting strongly in Dogecoin’s favour, signaling a potential continuation of its bullish trend. 

The analyst noted that the Federal Reserve (FED) is widely expected to begin cutting interest rates as early as June or July, according to the Chicago Mercantile Exchange (CME) FedWatch Tool. If this holds, this move is anticipated to inject much-needed liquidity into financial markets. 

Simultaneously, the money supply is beginning to increase once more, reversing the effects of the extended Quantitative Tightening (QT). Moreover,  alternate inflation metrics like Truflation indicate that inflationary pressures are waning. 

It is understood that a potential end to the Federal Reserve’s QT program could create a window for an even larger flood of capital into risk assets like cryptocurrencies. Building on this, the combination of strong technical breakout patterns and improving macroeconomic conditions could set the stage for Dogecoin to record unprecedented price gains. 

Analyst Sets Short-Term DOGE Price Target

Sharing a similar bullish sentiment for DOGE’s future outlook, Emma, a crypto analyst on X, has forecasted two major short-term price targets for the meme coin. The analyst shared a chart predicting that Dogecoin would reach an initial target of $0.19 before skyrocketing to a higher level of $0.20.

Related Reading: Top Developments That Could Trigger A Dogecoin Price Surge To $1

Currently, the Dogecoin price is building pressure after pulling back from the $0.24 level and hitting a low at $0.17. The meme coin is now consolidating around the $0.18 threshold and rapidly approaching a key resistance area around $0.19. If DOGE can break and hold above this resistance with substantial volume, Emma believes that its rally could accelerate significantly.

Dogecoin
DOGE trading at $0.18 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from Getty Images, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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