Dogecoin(DOGE) Price Preparing for a Fresh Move: May Reach $0.5 in the Next Few Months
The post Dogecoin(DOGE) Price Preparing for a Fresh Move: May Reach $0.5 in the Next Few Months appeared first on Coinpedia Fintech News
The crypto markets are recovering after a brief turbulence, with the major tokens receiving bullish support. Besides, memecoins are also gaining strength, with popular ones like Dogecoin displaying bullish prospects. The DOGE price has overcome massive bearish activity in the past few months. Therefore, the token is expected to trigger a fresh upswing of around 35%, which may trigger a 180% upswing.
The DOGE price was stuck within a bearish descending triangle and the latest upswing in the past fortnight has elevated the levels above the resistance of the pattern. After the bullish breakout, the price retraced for a while and as a result, the bulls appear to be prepared for a fresh ascending trend. If the bulls manage to close the weekly trade on a bullish note, then the Dogecoin price is expected to form new yearly highs.
A popular analyst, Altcoin Sherpa believes the token is preparing for the next bullish action which could offer great returns. Moreover, the analyst believes the token may reach the same market cap that it reached during the previous bull run. Therefore, the next bullish push could even elevate the levels beyond $0.5. However, as per the analyst, the token may take another 6 to 12 months.
The Dogecoin price rebounded from the interim lows at $0.1 and soared to break from the bearish pattern. Despite the rise, the buying volume remains restricted within a range, which may raise concerns over the upcoming trend. However, the RSI remains elevated after rebounding from 50, which suggests the beginning of a fresh bullish spell. Therefore, with the recent ascending trend, the DOGE price is believed to maintain a strong ascending trend hereafter.
