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HomeCrypto NewsMarketHere’s the Ideal Dogecoin Buying Opportunity for a 200% Rally: Top Analyst

Here’s the Ideal Dogecoin Buying Opportunity for a 200% Rally: Top Analyst

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A TradingView analysis has identified a clear pattern of price uptrend in the Dogecoin chart, presenting a 200% upside opportunity.

Analyst “SwallowAcademy” shared the bullish Dogecoin setting in a July 2 commentary, as the prominent meme coin shows strong upside momentum. DOGE seems ready to put its 14% correction in the previous month behind it, joining a broader market rebound.

Dogecoin In a Sweet Spot

The commentary highlighted a technical indicator suggesting that Dogecoin is in a favorable position for those seeking to accumulate it at a bargain. The analyst stressed that DOGE is in a “sweet spot” and predicts that a proper upward trajectory is on the horizon.

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Meanwhile, the market watcher shared a clear trend that Dogecoin has followed since 2024, which supports this anticipated price explosion. Notably, the accompanying chart shows a series of price upward pushes, a retest of its lows, followed by a break of the previous high.

DOGE Analysis SwallowAcademy
Dogecoin Analysis | SwallowAcademy

For more perspective, the chart shows that Dogecoin experienced a massive price rally from February 28, 2024, to March 28 of the same year, rising from $0.085 to $0.229. Following the uptick was a period of consolidation, where DOGE retested its lows, reaching a bottom of $0.080 on August 5, 2024.

However, Dogecoin resumed another round of price upsurge after a period of consolidation, resuming a push to break its previous high in early November. The momentum persisted until it rallied to a multi-year high of $0.4846 on December 8, 2024.

A 200% Upsurge Opportunity Opening

Dogecoin maintained its bullish pattern with a healthy retracement back to its November lows, where the previous fireworks resumed. The meme coin corrected 73% from its December highs to the low of $0.1298 on April 7, which the analyst believes is its bottom.

Having found support around its current price, the TradingView commentary predicted a quick run to retest its previous high and possibly break the resistance to much higher prices. From a price of $0.1612 at the time of his analysis, he predicted a 200% upsurge to December’s high of $0.4846.

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Meanwhile, DOGE has rallied slightly higher from there, trading at $0.1742 at the time of writing. This culminates in a 178% uptrend from its current market price.

Nonetheless, SwallowAcademy highlighted that Dogecoin must hold a crucial support at $0.14 to keep the price push alive. He stressed that as long as DOGE trends above the price mark, we can expect a positive move.

Interestingly, if the pattern fully mirrors, the $0.4846 target could be the start, as the past scenario saw Dogecoin break its previous high. Other parallel analyses have predicted a surge to break its current all-time high and reach $0.80, while some suggest a $1 target is on course for DOGE.

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.

Author

Elendu Benedict
Elendu Benedict
Elendu Benedict is a refined cryptocurrency writer with over two years of experience in the field. With a thorough understanding of blockchain technology, cryptocurrencies, and market trends, as well as proficiency with ETFs, DeFi, and Web3, he specializes in writing engaging and educational articles on a variety of crypto-related subjects.

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