Analyst Says Dogecoin Ready for Round 2, Reveals Next Target

A market analyst has suggested that Dogecoin is ready for another round of bullish upswing, with its new target above the 2021 all-time high.

Bitcoin’s surge past $100,000 has relayed bullish momentum to meme coin alpha Dogecoin (DOGE). The largest meme coin by market cap boasts a 4.4% upsurge in the past 24 hours, reaching an intraday high of $0.46550.

The price uptick has resonated across the crypto community, drawing fresh analytical perspectives for the asset. Among others, Ceciliones, a market watcher, has insisted that Dogecoin is ready for a repeat of its famous November uptick, setting a new target for the asset.

Analyst Says Dogecoin Ready for Round 2

In the news about Dogecoin, In a TradingView analysis today, market commentator Ceciliones inferred that Dogecoin is gearing up for another bullish upswing. His commentary suggests that the leading meme coin would target a surge to $1 this time.

Notably, Ceciliones based his price assertion on Dogecoin’s consolidation on a bullish pennant pattern. He accompanied his analysis with a 12H DOGE/USDT chart confirming the imminent price upsurge.

With Dogecoin bullishly defying the pennant price pattern, the commentator suggested it would surge 128% from its current market price to $1. Notably, the meme coin trades at $0.43787 at press time.

Dogecoin Shows Bullish Momentum on Lower Timeframe

Meanwhile, pseudonymous analyst NOS4RA2x has suggested that Dogecoin’s bullish momentum is now glaring in the 4-hour timeframe. The analyst updated his TradingView analysis late Wednesday, showing an imminent bullish breakout for DOGE.

Furthermore, the anonymous commentator pointed to a bullish ascending channel, which he noted was “looking pretty juicy.” His commentary shows that he expects DOGE to break to the 1.618 Fibonacci extension at $1.15627.

Notably, this analysis aligns with price expectations from market commentator Jacob Canfield. The speculator noted in a recent price assertion that Dogecoin would target $1.15, inferring that the meme coin would mirror XRP’s bullish outburst.

Meanwhile, a TradingView analysis confirms the prevailing bullish momentum for Dogecoin. The MACD indicator has bullishly crossed over, suggesting that Dogecoin will see more upside from its current price.

A relative strength index (RSI) of 61 also confirms that the asset is still within range for an upsurge. Notably, an RSI over 70 shows that an asset is overbought and likely to correct.