BTC recently retested the upper border of an upward-sloping flag on the daily chart. DOGE, the second-largest proof-of-work (PoW) secured digital asset and a prominent meme coin, is primed for a potential bullish breakout. DOGE has gained around 4% in the last 24 hours, trading at approximately $0.76 in the early Asian session. The weekly Relative Strength Index (RSI) has risen above 50 for the first time this year.
Following a 30% rally in the past four weeks, Dogecoin has broken out of a long-term triangle consolidation pattern, signaling the potential for further upward movement in the coming weeks. According to Crypto Kaleo, a notable digital asset analyst, Dogecoin is well-positioned to reach 20 cents during this rally. However, he advises that reaching the $1 mark for Dogecoin may not happen until after 2024.
Dogecoin’s Path to Price Targets and Network Activity
Crypto Kaleo foresees Dogecoin facing initial resistance between 9 and 10 cents before aiming for the next challenge at 15 cents. Importantly, the 20-cent goal depends on Dogecoin’s performance relative to Bitcoin, emphasizing Bitcoin’s impact on the meme coin’s value.
Here's my playbook for $DOGE:
Sometime in the next week or two, Dogecoin finally starts to move.
When DOGE starts moving higher, it usually moves pretty fast. I wouldn't be surprised to see a daily from here to somewhere in the 9 – 10 cents range, chop there for a bit, then… pic.twitter.com/BN1AqSe8d2
— K A L E O (@CryptoKaleo) November 9, 2023
The Dogecoin network boasts about 5.9 million non-zero addresses, facilitating approximately 174 million on-chain transactions. The network maintains a robust total hash rate of around 732.09 terahashes per second, with a mining difficulty of about 11.71 million. These metrics underscore the strength and activity within the Dogecoin ecosystem.
Conclusion
Dogecoin appears poised for a bullish breakout, complete with specific price targets as projected by analysts. However, achieving the coveted $1 price tag may require some patience. Moreover, the performance of Bitcoin plays a pivotal role in Dogecoin’s journey, while the Dogecoin network continues to demonstrate substantial activity.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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