Dogecoin (DOGE), the popular memecoin that has taken the cryptocurrency market by storm, is on track for a remarkable rally, with predictions suggesting that it could soon exceed the $1 mark and solidify its position as the “King of Crypto.”
According to a leading analyst in the crypto space, DOGE is poised for continued upward momentum following a key technical breakout.
The pseudonymous analyst, known as Bluntz on the social media platform X, has shared his bullish outlook with his 291,000 followers. Bluntz, a highly regarded trader and “Master Trader” on the Bybit exchange, believes that Dogecoin has completed a key corrective phase and is now primed for another surge. According to his analysis, DOGE has successfully broken through a critical resistance level of $0.32, a key indicator that signals a shift in the asset’s trend, potentially leading to higher price levels in the near future.
Dogecoin’s recent price action has been impressive, with the coin registering higher highs on the weekly chart and breaking through the crucial $0.32 resistance. This breakout is seen as a potent signal of continued bullish momentum, with the potential for the price to stabilize between the $0.32 and $0.40 range in the short term. The $0.40 mark is now a key target for bulls, as holding this level could pave the way for further price gains.
One of the most critical levels to watch, according to Bluntz, is the $0.398 zone, which coincides with the 0.5 Fibonacci retracement level. If DOGE manages to close above this price point, it could act as a launchpad for a more aggressive rally, with $0.42 emerging as the next significant resistance. If this level is breached, the analyst believes Dogecoin could surge higher, with the possibility of reaching the $1.16 mark, identified as a key Fibonacci extension level on the chart.
While the analyst acknowledges that a move to $1 may seem ambitious, he points out that if technical strength aligns with favorable market conditions and sentiment, DOGE could enter this range, potentially leading to explosive price action.
The analyst’s forecast for DOGE is rooted in a combination of technical analysis and broader market sentiment. Bluntz notes that while Dogecoin is likely to trade within the $0.32 to $0.40 range in the short term, bullish momentum could drive prices higher if DOGE holds above the $0.42 threshold. Should this key level be crossed, it could trigger increased volatility and fuel a stronger rally.
The potential for such a rally is supported by Dogecoin’s recent performance and overall investor sentiment, which has been improving. As the cryptocurrency market continues to mature, DOGE’s popularity as a memecoin and its increasing technical strength have positioned it as a serious contender in the broader crypto landscape.
Bluntz also highlights the potential for other altcoins, including Bitcoin (BTC), which he believes is in the midst of a fresh bullish surge. According to his analysis, Bitcoin could target $100,000 in the coming months, further bolstering the overall optimism in the crypto space.
With input from U.Today and the Daily Hodl.
