Dogecoin (DOGE) Analyst Predicts a 12,611% Surge to $42 After Retest From Crucial Support

A notable market analyst has looked past the short-term Dogecoin price correction, sharing an ambitious target following a bounce from a crucial support zone.

A market analyst has predicted that Dogecoin will reach an ambitious target of $42 after bouncing from a crucial support zone.

The analysis, shared on TradingView, highlights Dogecoin’s price behavior on the weekly timeframe. According to the analyst, the cryptocurrency is in a correctional phase, aligning with the asset’s retest of a pivotal support for a sustainable long-term bullish uptrend.

An accompanying chart shows that Dogecoin has a history of retesting supports after a break of structure. For context, the asset retested the support around $0.06151 in June 2023 after a breakout to $0.1515 in October 2022.

Dogecoin also pulled off a similar feat in August after a break of structure three months before then. The meme coin retested the support around $0.0880 with the correction.

As a result, the analyst suggested that Dogecoin will retest the areas from which it broke out in November. Dogecoin resumed its bullish outburst from the support at $0.1512 before breaking to the December 8 high, and the analyst asserts that it will retrace to the demand zone before any other sustainable price upswing.

Upon a successful retest, the analyst placed an ambitious target for Dogecoin, asserting that it will surge over 12,611% to an audacious peak of $42 upon a bounce from the support zone.

Interestingly, the analyst did not set a timeline for the lofty target. However, he urged enthusiasts to buy the dip and monitor overall market sentiments for confirmation of a reversal from the support or a continuation of the dip.

The Crypto Basic recently reported on several analysts placing ambitious targets for Dogecoin. For perspective, market speculator Ali Martinez predicted that Dogecoin would rise to $23, citing a continuation of its cyclical fractal pattern.

In the meantime, Dogecoin trades at $0.3321, up almost 2% in the past day.