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The Dogecoin -price Close a critical technical trend line that could ignite its next big rally. After months of downwardAnalysts look at a possible outbreak in the direction of the long -awaited goal of $ 1.
$ 1 Dogecoin price target than ever
Crypto analyst Master Kenobi believe That the Dogecoin price could reach the very coveted $ 1 target before the end of this market cycle. Based on his technical analysis, Doge again reflects a historical outbreak pattern that previously led to a explosive rise in price.
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The analyst shared one Dogecoin price tag marked with two main sections. The first green box, between September to November 2024, shows a historic outbreak that took place after the meme mint was broken over a critical Falling trend line. After this outbreak, the price increased considerably in the next 55 days.
The falling trend line in particular has had a strong resistance for months. With the momentum of Dogecoin that is currently building, Master Kenobi believes that a strong outbreak is imminent.
Look at Dgoe’s price promotionIt seems that the same conditions for his previous breakout form again. The technical analysis of Master Kenobi suggests that an outbreak above the current falling resistance line could cause a similar rally, one that could possibly take Dogecoin from its current price of $ 0.158 to $ 0.9 or even $ 1. Such a movement would represent a stunning profit of around 533%.
As with earlier trends, the current graph of Dogecoin indicates a projected 55-day movement after the outbreak, with the green arrow and shaded box that indicates a path to the conservative goal of $ 0.9. This would place the Dogecoin goal in the first few weeks of June, closely matches historical timelines of the last major outbreak.
Add to optimism, Dogecoin’s Relative Strength Index (RSI) Currently there is around 43.35 – a level that is usually considered a neutral to transmitted zone. The current falling resistance line has been tested several times, which means that a clean daily close to it could falter Next big rally.
Dogecoin RSI shifts from Beerarish to Bullish
Dogecoin shows promising signs of a bullish reversal after an important outbreak of a technical pattern on the 4-hour graph. According to a recent graph analysis Dogecoin has a Falling wedge formation And prepares for an uptrend front. The outbreak was confirmed when the RSI crossed above the 50 level and a shift from Beerarish to indicated Bullish sentiment among traders.
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Before the outbreak of the falling wedge, Dogecoin had exchanged in a downward canal, characterized by lower highlights and lower lows. This pattern often precedes one Upward price movementAnd Dogecoin seems to follow this trend. As a result, the analysis suggests that Dogecoin could push to stronger resistance levels in the short term.
Featured image of Pexels, Graph of TradingView
