Dogecoin’s price action has been incredibly strong as the meme coin scene explodes with massive gains amidst inflows into the crypto market. The meme coin’s rally was underscored when it recently surged past the $0.12 mark, confirming a bull breakout from a multi-month downtrend. Notably, a Dogecoin analysis reported earlier by Bitcoinist revealed significant price-defining levels for the meme coin, with $0.12 being a major one.
This notable increase might just be the beginning of Dogecoin’s rally. Interestingly, this outlook is echoed by a host of crypto analysts and meme coin investors. Particularly, one popular crypto trader (Crypto Rand) emphasized that DOGE is now loading up the moonshot, a comment made to affirm the building momentum.
Dogecoin’s Next Target: The Moon
Crypto trader Crypto Rand recently took to social media platform X to share a detailed analysis of Dogecoin’s market performance, using a Dogecoin/TetherUS chart to illustrate his observations. In his post, Rand highlighted Dogecoin’s impressive breakout from a multi-month downtrend that had been in play since April.
At the time of the analysis, DOGE had just managed to push past the $0.11 mark and was in the process of testing a crucial resistance level at $0.12. As such, the analyst noted the importance of this price action, urging investors not to miss the opportunity to buy in while noting various price rally levels.
“Don’t Miss $DOGE, Loading The Moonshot!”
Since the time of his initial post, Dogecoin has continued to gain momentum, confirming Crypto Rand’s bullish outlook. DOGE managed to break cleanly above the $0.12 threshold for the first time in two months, revealing that the breakout was in full effect.
Rand followed up with a new update, confirming Dogecoin’s ongoing progress and reaffirming his earlier call that the “moonshot” was indeed underway. Interestingly, the DOGE chart shared by the analyst notes other significant price targets to watch as the rally unfolds. As of now, the immediate target is a 16% price increase to $0.14. Subsequent price points are at $0.17 and $0.225, which represent 42% and 88% gains from $0.12.
Don’t miss $DOGE, loading the moonshot!
pic.twitter.com/Dqrs8902eW
— Crypto Rand (@crypto_rand) September 26, 2024
DOGE Returning To New Yearly High?
Rand’s analysis has resonated with many meme coin enthusiasts and crypto investors, who see Dogecoin’s current price action as a precursor to even greater gains. A similar analysis by veteran crypto trader Peter Brandt commented on this breakout from a downtrend.
He highlighted a DOGE target just above 2024’s high of $0.22. Popular crypto analyst Ali Martinez also highlighted this breakout using the RSI and a buy signal from the SuperTrend indicator.
At the time of writing, DOGE is trading at $0.123, reflecting a 17% gain in the past seven days. In the short term, DOGE now has a free run up until the $0.14 price level. Data from IntoTheBlock indicates that only a small volume of DOGE stands as resistance on the way to hitting that target, suggesting a relatively smooth run-up.
Featured image from Pinterest, chart from TradingView