Dogecoin has slowed down after a significant parabolic run witnessed in the past few weeks, sparking speculations about its short-term performance. However, considering several positive developments around its price, crypto analysts predict another notable upswing may be in the works, possibly pushing the meme coin to a new all-time high.
A New All-Time High On The Way For Dogecoin?
Dogecoin’s potential to hit a new peak in the ongoing bull market cycle has gained strong optimism and confidence within the crypto community as many forecasts about the much-awaited rally emerge rapidly. One of the most recent predictions comes from Trader Tardigrade, a market expert and investor who has hinted at an impending 200% spike for DOGE in the coming weeks.
Pointing to strong technical indicators such as the Relative Strength Index (RSI), Trader Tardigrade foresees a significant uptrend for Dogecoin, leading to a new all-time high. His prediction underscores changing market dynamics, with retail and institutional players modifying their positions in anticipation of future price growth.
According to the market expert, this key indicator that tracks the momentum of a crypto asset has been rising from the Oversold Zone on the 4-hour chart of DOGE. This upside movement suggests bullish momentum as the dog-themed meme coin aims at reclaiming multiple crucial price levels.
It is important to note that Dogecoin witnessed a 40% and 200% surge following recent RSI bounces from the same oversold zone. Meanwhile, the intensity of the pump is increasing even more at the moment, indicating a much larger rally could be on the horizon.
As a result, Trader Tardigrade is confident that Dogecoin might experience a huge spike of 200% and beyond, ultimately resulting in a new all-time high for the meme coin, with the expert placing the next target at the $1.15 milestone.
Since the RSI’s recovery indicates a resurgence in buying interest in the market, potentially leading to further price growth, traders and investors are currently monitoring the confirmation of a trend reversal in order to reassess their portfolios.
DOGE Is Set For Another Major Rally
Another critical technical indicator Trader Tardigrade cited that suggests further upside movement for Dogecoin is the Moving Average Convergence Divergence (MACD). Specifically, this measure aids in identifying market trends, momentum, and possible entry or exit points.
After investigating DOGE‘s recent price action, particularly on the 4-hour time frame, Trader Tardigrade highlighted that a Golden Cross signal has emerged from underneath the MACD Zero line.
Typically, a Golden Cross signal develops when a short-term moving average rises above a long-term moving average, implying a shift in market momentum toward a favorable direction. This development is significant since it could trigger another massive bull run for the meme coin if the trend is maintained in the upcoming days.
Featured image from Unsplash, chart from Tradingview.com