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Dogecoin Price Prediction: Is DOGE Ready to Explode? 4 Bullish Catalysts You Can't Miss
Dogecoin has risen nearly 3% in the past 24 hours as trading volume surged by 57%. An analyst has shared four reasons why DOGE may deliver a rise to the sky in the coming days as multiple bullish signals converge.
Trader KJThaLibra shared his thesis on DOGE on TradingView this week. To support his bullish prediction for Dogecoin, he first cited the bullish divergence in the (Relative Strength Index) daily. This means that, although the price has made a lower low, this momentum oscillator has made a higher low. Moreover, the RSI indicator has reached an oversold level and the price is about to hit the trendline resistance for the fourth time after breaking out of this extremely bearish zone. Finally, the price has created a higher low, marking the possibility of the end of the downtrend. These four reasons combined support the forecast for DOGE's price to rise to the sky with a preliminary price target of $0.40 for this meme coin. Dogecoin price prediction: DOGE could reach $0.26 first after bouncing off the key support level. Looking at the daily chart, the price has hit an important support level and bounced off the $0.168 level five days ago and has risen in three of the last five days. Now that the token has broken through the resistance level of $0.185, this level could serve as support after the bullish move to $0.21, it seems that this will be the next reasonable target for DOGE.
Meanwhile, a bullish breakout could push this meme coin up to $0.26 before heading towards KJThaLibra's mid-term target of $0.40. Momentum indicators support the prediction of a bullish Dogecoin price as the RSI moves above the 14-day moving average while the MACD appears to be about to cross above the signal line on the daily chart – this is also a buy signal. A golden cross between the 9-day EMA and the 21-day EMA can provide confirmation of the beginning of a short-term bullish trend. In the context of the overall market recovery, this implies that DOGE may soon reach higher peaks and confirm this trader's viewpoint.