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With the broader crypto market witnessing a bullish reversal, the Dogecoin price is again looking to reclaim the psychological $0.2 level. Crypto analysts such as Master Kenobi have suggested that the leading meme coin is primed to reach new highs.
Dogecoin Price Ready To Breakout From Falling Wedge
In an X post, crypto analyst Trader Tardigrade stated that the Dogecoin price is showing a breakout from a falling wedge. This came as he revealed that a bullish cross has occurred on the Stochastic Relative Strength Index (RSI) biweekly chart. His accompanying chart showed that DOGE could break above the $0.2 price level on this move.
Interestingly, in another X post, Trader Tardigrade predicted that the Dogeocoin price could soon outperform the Bitcoin price. The analyst revealed that the current On-Balance Volume (OBV) pattern on the DOGE/BTC chart mirrors the previous one. He added that this pattern emerged just before the leading meme coin outperformed the flagship crypto from October to December 2024.
The crypto analyst remarked that given that both price action and indicators show the same pattern, he believes the Dogecoin price will soon “drastically” outperform Bitcoin. DOGE could enjoy massive gains if it replicates it price performance from October to December 2024. The meme coin had underperformed for most of 2024 but ended the year on a high as it went on to record the most year-to-date (YTD) gain among the top 10 cryptos by market cap.
Trader Tardigrade also believes that another bull run may be imminent for the Dogecoin price. He revealed that DOGE has broken down to its Round Bottom in this cycle. Based on this, he asserted that a “massive” bull run is imminent for the leading meme coin. His accompanying chart showed that DOGE could reach as high as $2.8 when it records this massive bull run.
Update On The DOGE Macro Chart
In an X post, crypto analyst Master Kenobi provided an update on the macro chart for the Dogecoin price. He stated that the macro chart and a comparison of the current configuration with the situation in 2017 reveal that the meme coin has all the necessary ingredients for a “massive” pump.
The crypto analyst also revealed that the 21-day EMA on the 3-day chart indicates that the Dogecoin price current outlook is bullish. He remarked that additional factors such as bullish divergence and the breaking of the trendline on the Relative Strength Index (RSI) also reinforce this bullish outlook. It is worth mentioning that the analyst recently predicted that the leading meme coin could rally to a new all-time high (ATH) by June.
At the time of writing, the Dogecoin price is trading at around $0.18, up in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
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