Crypto analyst Trader Tardigrade has provided insights into the current Dogecoin price development. The analyst revealed that Dogecoin is currently stuck in a range given the crypto market’s recent crash and hinted at what could happen if the leading meme coin breaks out of this range.
Dogecoin price remains range-bound, what could happen next?
In an X post, trader Tardigrade explained that the Dogecoin price is moving in a range. The analyst added that a breakout of this range could continue the DOGE uptrend. The analyst’s accompanying chart showed that Dogecoin could finally reach its highly anticipated levels $1 psychological price level if this uptrend continues.
This will set a new mark All-time high (ATH) for the Dogecoin price, whose current high is around $0.73. The chart also showed that this predicted rise to $1 could happen before the end of the year. This will undoubtedly be a perfect end to the year for Dogecoin, which has already seen gains of over 245% year-to-date (YTD).
In an X post, the crypto analyst explained why a bullish reversal could be imminent for Dogecoin price. He explained that Dogecoin is daily Relative Strength Index (RSI) has fallen back into a potential recovery zone. The analyst also noted that at this RSI level, DOGE hit a local low of $0.095 in early September, followed by a parabolic rally to $0.48. If the leading meme coin were to repeat this price increase, it could rise to $1.35 from its current levels.
Trader Tardigrade continues to offer a bullish outlook for Dogecoin price. In another X post, he explained that Dogecoin’s rise follows a two-stage bounce pattern every cycle. Accordingly, the crypto analyst stated that the reasonable forecast for Dogecoin is this Market cycle is between 3 and 4 US dollars.
An analysis of DOGE’s price correction
In an X post, crypto analyst Kevin Capital provided a detailed analysis of the Dogecoin price correction that lasted over a month. The analyst noted that Dogecoin had the weekly golden cross during the election period, but never experienced a pullback, as was the case in the 2021 bull market when this weekly golden cross took place.
Kevin Capital believes that the current decline is the one that the Dogecoin price should have experienced back then, which is common with these golden crosses. The analyst also noted that Dogecoin experienced three 50% corrections in the year last bull run on the way to a bicycle summit.
Historically, the crypto analyst explained that if Dogecoin price taps the macro-structured support and macro golden pocket, it would represent a correction of around 45% and would be just enough for DOGE to continue its uptrend. The analyst added that he would only worry if Dogecoin were to lose $0.26 on a weekly close.
At the time of writing, Dogecoin price is around $0.30, down over 14% in the last 24 hours Data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com