Dogecoin continues to attract bullish commentary from analysts and market watchers amid its ongoing price action.
In this dogecoin price news, According to “Crow,” a notable Bitcoin analyst in the crypto community, Dogecoin’s path to a new multi-year high at $0.66 is straightforward, but many remain skeptical. He shared this sentiment in a tweet following Dogecoin’s rebound after testing crucial support in the $0.30 region.
Notably, on Tuesday, Dogecoin’s price dropped to $0.36 but has since rebounded to trade at $0.4234 today, marking a 15% resurgence since the dip.
Dogecoin “Easy” Path to $0.66
Following this rebound, analyst Crow shared a chart predicting the patterns Dogecoin could follow in the coming days based on the meme coin’s consistent price action within an ascending pattern. He expects Dogecoin to first rise to near $0.48 before facing a rejection that would drive its price back down to $0.46.
Dogecoin initially encountered a rejection at this level on December 8, which led to a retest of $0.36 shortly after. However, this analyst expects a smaller pullback this time, which would set the foundation for a run to a fresh multi-year high at $0.52.
This level aligns with the top of the ascending channel, and the analyst envisions another short-term correction to test the $0.50 psychological level. A successful rebound from this move is expected to send Dogecoin toward the $0.66 region.
According to Crow, it is easy for Dogecoin to follow this pattern within the next two weeks, but critics who believe the meme coin has lost momentum would likely disagree.
Views of Other Analysts on Dogecoin’s Bull Run
In a separate post, analyst Crypto Scofield expressed a similar sentiment about Dogecoin. He acknowledged that Dogecoin’s bullish momentum is back; this time, it is stronger than the momentum seen in November.
Other analysts have also pointed out that while Dogecoin’s price over the past few weeks may have been unimpressive, the lackluster trend is coming to an end when looking at historical patterns.
For example, market watcher “Cantonese Cat” emphasized that Dogecoin is ready for its next move, which is to break its all-time high in the $0.74 range. This prediction is based on a similar pattern from 2021.
Dogecoin Price Targets Beyond $1
Meanwhile, beyond the near-term targets below the $1 price range, analysts have pointed to Dogecoin’s potential to rally to $3 in the next few months. Analysts holding this view include Ali Martinez and Crypto Scofield.
Martinez has even more speculative outlooks, predicting $18 and $23 based on various technical indicators.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
