An analytical insight has suggested that Dogecoin would sustain its current upward trajectory, with a rally to a 3-month high as its next near-term target.
The early Thursday commentary comes from Ali Martinez, a prominent market analyst. He highlighted a recent bullish price development on Dogecoin’s lower timeframe chart, which targets higher prices.
The market insight follows Dogecoin’s renewed bullishness. For context, Bitcoin’s recent northward drive to unprecedented prices has spilled over to the meme coin, which is up 4.75% and 41% in the past week and month, respectively.
Furthermore, renewed whale traction and growing network activity have also contributed to Dogecoin’s upward momentum. A recent report from The Crypto Basic highlighted these statistics, which have escalated the bullish expectations for the largest meme coin by market cap.
DOGE Eyes a 3-Month Price High
Martinez identified a positive price action on the DOGE/USDT 1H chart today. He shared that the token appears to be breaking free from a major hurdle, releasing the momentum for a bullish continuation.
An accompanying chart highlights Dogecoin’s trend above a bullish pennant, within which the token has made lower highs and lower lows. The structure’s formation dates back to May 11, when DOGE rallied to $0.26, with several attempts to break out proving futile.
Meanwhile, the meme coin broke from the bullish pennant with its push past $0.23 and has extended its trend above the pattern’s upper boundary to trade at $0.24 at the time of writing.
With the breakout, Martinez predicts a rally to the 1.414 Fibonacci extension at $0.31. Notably, the surge culminates in a 29% uptick from the current market price and a surge to a price mark last seen in early February.
Nonetheless, Martinez had earlier identified the area between $0.25 and $0.26 as significant resistance that Dogecoin needs to overcome. The analysis emphasized that DOGE must break the supply zone for a sustained uptrend to higher prices.
Analysis Confirms Dogecoin’s Bullishness
Meanwhile, in a parallel tweet, market watcher Chad confirmed the predominant bullishness in Dogecoin’s chart. He insisted that the meme coin does not in any way look bearish, citing its price action on the weekly timeframe.
The accompanying chart shows Dogecoin’s higher high and higher low formation, with its April low of $0.13 marking the end of its price correction. From here, Chad predicts that DOGE would see higher prices, with the next stop at the 0.618 Fibonacci level at $0.26.
Furthermore, the token will rally 72% from the current price to $0.41 at the 0.786 Fibonacci level before ultimately reaching $0.74, an impressive 207% upsurge.
Meanwhile, prominent market watchers expect DOGE to reach new all-time highs this cycle. Trader Tardigarde recently identified a recurring pattern on the asset’s 6-month chart that could push prices to $6.
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.
