Is Dogecoin (DOGE) Set For A 90% – 180% Increase? The analyst pointed to a key bullish indicator

The post Is Dogecoin (DOGE) Set for a 90% – 180% Increase? Analyst Hints at Key Bullish Indicator appeared first on Coinpedia Fintech News

Dogecoin (DOGE), the popular meme-inspired cryptocurrency, may be on the verge of another significant price increase. Crypto chart analyst Ali Martinez pointed out that a bullish signal is emerging, which has historically resulted in gains of 90% to 180% for DOGE. This key technical indicator may trigger a major price rally in the near term, as it has seen in the past.

Is a bullish MACD crossover coming?

According to Ali Martinez, the Moving Average Convergence Divergence (MACD) indicator, a momentum indicator widely followed in technical analysis, is showing signs of another bullish crossover on Dogecoin's weekly chart.

Previously, when Dogecoin encountered this intersection, the signal was mixed at 90% and 180%. Now, the crypto community is buzzing as another potential MACD bullish crossover is taking place. If history repeats itself, DOGE could be on its way to another dramatic price hike.

While the exact timing of the breakout is uncertain, investors are watching the charts closely to confirm this important indicator.

Dogecoin annual high and correction

In the year On March 28, 2024, Dogecoin hit an annual high of $0.22 after completing a five-wave pattern that began in October 2023. However, after this dramatic advance, DOGE entered a long correction phase, forming a descending triangle. Despite this dip, the current technical setup suggests that the correction may be nearing its end.

Can DOGE reach new heights?

As Dogecoin continues to rise, analysts believe that wave 3 of the uptrend has completed, reaching the 1.618 Fibonacci extension level at $0.13. The next target could be the 2.272 Fibonacci extension level, around $0.144, which means a new high could be on the horizon.

The breakdown and retesting of the previous resistance, now acting as support, further reinforces the bullish attitude towards the DOGE.

Dogecoin is currently trading at around $0.11, showing a drop in price over the past 24 hours.