$0.41 The Next Important Level As Dogecoin Closes Outside Falling Wedge Pattern

Crypto analyst Kevin Capital has highlighted the next key level for Dogecoin (CRYPTO: DOGE) as the foremost meme coin continues to showcase bullish price action.

In his analysis, Capital pointed out that Dogecoin has officially closed a daily candle outside of the falling wedge channel. However, he noted that there is still a lot of work to do.

“Next move will depend on what BTC does next. Still not broken falling channel on higher timeframe. If BTC gets rejected here, then current DOGE setup could fail.”

Dogecoin Price ActionDOGE/USD Closed Outside Falling Wedge Pattern. Chart: TradingView

Capital had previously expressed caution regarding excessive optimism about Dogecoin’s current price action in relation to Bitcoin (CRYPTO: BTC).

“I just don’t want the market to get overly bullish when there’s still a lot of work to do. Hence, I’m being modestly cautious on BTC price structure until we clear 104k & break lower high structure.

After that, I’ll be bullish as can be. But until then, I’m being modestly cautious & not overly bullish.”

Dogecoin Price Surges: DOGE to $1 Imminent

Crypto analyst Mikybull Crypto provided a bullish outlook for the Dogecoin price, stating that DOGE to $1 is looking prime.

His accompanying chart showed that the foremost meme coin could reach this anticipated price target and even surpass it, rallying to $1.10.

This rally to the $1 target is expected to begin as soon as Dogecoin breaks out from the consolidation triangle Mikybull Crypto highlighted.

DOGE Price Poised For 150% Surges. Chart: Mikybull Crypto

CoinCodex’s machine learning algorithm also predicts that the Dogecoin price rally to $1 could happen as early as March.

Meanwhile, crypto analyst Master Kenobi is optimistic that Donald Trump’s inauguration could be the catalyst that sparks a price rally for the foremost meme coin, even as it eyes the $1 target.

Dogecoin whales also appear to be anticipating this price surge as they have been accumulating millions of coins.

Crypto analyst Ali Martinez revealed that these investors have bought 200 million DOGE in the last 48 hours.

At the last check, the Dogecoin price is trading at around $0.39, up over 4% in the last 24 hours, according to data from CoinMarketCap.