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Cryptocurrency News Articles
Dogecoin Price Could Soon Rally Above $0.4, Here Are Two Potential Scenarios
Feb 06, 2025 at 04:30 am
Crypto analyst Crypto Paradise has raised the possibility of the Dogecoin price recording another explosive rally above the psychological $0.4 level.
Crypto analyst Crypto Paradise has suggested the possibility of the Dogecoin price experiencing another explosive rally, potentially surging past the psychological $0.4 level. The analyst has identified a bullish pattern emerging on the chart, indicating that the foremost meme coin could witness this parabolic move.
Dogecoin Price Could Rally Above $0.4 Soon
In a TradingView post, Crypto Paradise has predicted that the Dogecoin price could soon rally above $0.4 and explained why this parabolic move is on the horizon. The analyst reveals that DOGE is currently forming a descending channel pattern, and things are starting to get “interesting” for the foremost meme coin.
He further remarks that the Dogecoin price has printed a bullish engulfing candle right on the supportive trendline, which is backed by bullish divergence and a key support zone. According to Crypto Paradise, these are all strong signals indicating that a bullish move could be on the horizon for the foremost meme coin.
Crypto Paradise also asserts that the Dogecoin price is likely to bounce from the strong support zone if it witnesses further panic selling or a deeper retracement. However, to confirm this potential move to the upside, the analyst states that the market needs to witness a “bullish I-CHoCH,” a W pattern, or an inverse head and shoulders forming on the lower timeframes before considering a bullish move.
On the other hand, the crypto analyst mentions that this bullish outlook for the Dogecoin price could get invalidated if DOGE closes a candle below the strong support zone. If that plays out, he advises that it is best to step back and wait for a better price action to develop rather than forcing a trade.
Two Potential Scenarios For DOGE
In an X post, crypto analyst Master Kenobi has outlined two potential scenarios for the Dogecoin price and its future trajectory. First, he states that DOGE could repeat last year’s pattern, with a peak reached by the end of February. For the second scenario, the analyst states that the foremost meme coin could repeat the August phase, where a pump follows an extended consolidation, with DOGE reaching its peak in April or May.
The crypto analyst remarks that he is leaning towards the second scenario. Considering the August phase, he notes that the Dogecoin price recorded a 6x price increase following a violent drop. Measuring a 6x move from DOGE’s current local bottom, Master Kenobi predicts that Dogecoin could rally to as high as $1.25 before its price peaks in mid-April or May.
The analyst also raises the possibility of a premature bear market scenario. However, he dismisses this as he opines that it isn’t wise to entertain such a possibility just yet considering that this is 2025.
At the time of writing, the Dogecoin price is trading at around $0.26, which is up over 1% in the last 24 hours, according to data from CoinMarketCap.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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