Crypto Analyst Merchant Tardigrade provided insight into the current Dogecoin price action. The analyst revealed that Dogecoin is currently stuck in a range amid the recent crypto market crash and suggested what could happen if the most prominent meme coin breaks out of this range.
Dogecoin price stuck in a range, what could happen next?
In an X post, trader Tardigrade said that the price of Dogecoin is rising in a range. A breakout of the range could continue the DOGE uptrend, the analyst added. The accompanying chart from the analyst showed that Dogecoin could finally reach the much-anticipated high $1 psychological price level when this growth continues.
This will mark a new one All-Time High (ATH) For the Dogecoin price, its current ATH is around $0.73. The chart also showed that this anticipated $1 rally could happen before the year ends. This will undoubtedly make for a perfect end to the year for Dogecoin, which has already enjoyed a year-to-date (YTD) gain of over 245%.
In an X post, the crypto analyst explained why there could be a rapid reversal for the price of Dogecoin. He said that Dogecoin daily Relative Strength Index (RSI) A potential rebound is back in the zone. The analyst further noted that at this RSI level, DOGE hit a local bottom at $0.095 in early September, followed by a parabolic rally to $0.48. If the foremost meme coin were to repeat this price increase, it could reach $1.35 from its current level.
Trader Tardigrade continues to provide a bullish outlook for the Dogecoin price. In another X post, he said that Dogecoin’s growth in each cycle follows a two-step jump fashion. In line with this, the crypto analyst said that it reasonable estimates for Dogecoin peak market cycle is between $3 and $4.
Analysis of price correction of DOGE
In an X post, Crypto Analyst Kevin Capital provided an in-depth analysis of the Dogecoin price correction, which has extended over a month. The analyst noted that Dogecoin had a weekly golden cross for the election period but never experienced a pullback like it did in the 2021 bull run when it hit a weekly golden cross.
Kevin Capital believes that the current pullback is what Dogecoin’s price should have seen at the time, which is common when they achieve this golden cross. The analyst added that Dogecoin has recorded three 50% corrections The last bull run Going on top of the bike.
As such, historically, the crypto analyst said that if the Dogecoin price taps the macro structured support and the macro golden pocket, it would represent about a 45% correction and would be enough for DOGE to resume its uptrend. The analyst added that he would only start to worry if Dogecoin misses the $0.26 level on the weekly close.
At the time of writing, the price of Dogecoin is trading at around $0.30, down 14% in the last 24 hours, according to data From CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
