Bullish Outlook for Dogecoin

A prominent market analyst, recognized in Forbes 30 under 30 and featured on FOX and CNBC, has shared a bullish outlook for Dogecoin, the largest meme coin by market cap, amid an imminent structural breakout to his 1.3M X followers.

Recent Price Movements

DOGE surged to an intraday high of $0.18 on Thursday due to the broader market’s bullish sentiment following Wednesday’s dovish FOMC meeting. Although it retraced to close at around $0.1694, analysis suggests a possible resumption of a bullish rally, with expectations of retesting January’s price high.

Dogecoin Nears Breakout

Carl Moon, a notable market pundit and founder of the Moon Show, emphasized Dogecoin’s bullish daily timeframe in his Thursday X post, noting it is poised to breach a multi-month falling wedge. Since hitting a high of $0.4350 in January, DOGE has made lower highs and lows but has recently surged to $0.18, nearing the tip of the wedge.

Moon predicts significant upside, stating that Dogecoin could “absolutely fly” to $0.434, marking 157% above its current market price. However, it needs to close above $0.185 daily to avoid falling back within the wedge’s channels.

Key Support Levels

With a breakout on the horizon, Dogecoin continues to hold vital support levels between $0.16 and $0.17. Analyst Whalesdesk pointed out the importance of this support zone for achieving higher prices, potentially leading to a four-year high of $0.60. The price journey could include stops at $0.30 and $0.45, aligning with Moon’s target price.

Recent network catalysts, such as persistent whale accumulations and increasing user participation in the Dogecoin network, could further enhance confidence in this predicted upward momentum.

Currently, DOGE is trading at $0.1696, reflecting a slight increase of 1.13% over the past week.