Darl, an Crypto Daily Trade Signals analyst, predicts Dogecoin (DOGE) will soon hit $1 based on recent developments involving the meme coin.
Darl’s bullish prediction ties into the excitement surrounding Elon Musk’s Falcon X heavy rocket launch, which is expected to boost Dogecoin’s value considerably. He points out Tesla’s acceptance of Dogecoin, recognizing it as a payment method, which he believes will take the meme coin to new highs. This comes after several instances of Elon Musk endorsing the meme coin, with the latest one being a meme post about the Bitcoin (BTC) parody and himself on his X account.
Speaking of Bitcoin, the analyst also highlighted a potential rally, highlighting a bull flag pattern on its daily chart that could push its value to $112,000, aligning with calls from Jason Pizzino, who also predicts Bitcoin could reach $150,000. He also points out that positive indicators such as the MACD and RSI suggest that Bitcoin is poised for a breakout. Darl noted Bitcoin’s historical performance, showcasing a 223% return since 2010, and hinted at Ethereum’s potential to breach its current resistance levels.
The analyst also continued focusing on Ethereum (ETH) and the growing importance of maintaining privacy and security in cryptocurrency investments. Back to Dogecoin, he points out that Dogecoin has successfully turned multi-year resistance into new support, signaling the end of a micro downtrend. With Dogecoin up by 4.25% over the week and a social sentiment on the rise, he recommends watching for a bounce to around $0.20 as a prime buying opportunity. However, Darl isn’t the only one optimistic about Doge; analysts from VisionPulsed believe the meme coin could reach $2 in the long run.
Dogecoin Price Review: How is DOGE Doing Today?
Looking at an in-depth analysis, we see that Dogecoin’s price movement has formed a bullish pennant pattern, considered a continuation pattern. This suggests that the price could resume its prior uptrend once the pattern completes. The consolidation within the pennant is marked by lower highs and higher lows, indicating a tightening price range. If the price breaks above the upper boundary of the pennant, it could signal a continuation of the bullish trend, targeting new highs around the $0.17 level.
2-hour DOGE/USDT Chart | Source: TradingView
Analyzing other indicators, we see that Woodie’s Commodity Channel Index is oscillating around the zero line, with recent values below zero. This indicates that there might be some bearish sentiment in the short term as the price consolidates within the pennant. Looking at the Volume Oscillator there is a noticeable decline in volume, as indicated by the oscillator trending downward. This reduction in volume is typical during the formation of a pennant, aligning with the expected breakout theory. Stats from CoinMarketCap show that Dogecoin traded at $0.1614 as of 12:23 p.m., representing a 0.3% increase in the last 24 hours.