Analyst Says Dogecoins Momentum Strong Above $0.175, Targets Higher Levels
- Dogecoin rebounded from $0.13009, forming a bullish cup pattern and holding above $0.17500.
- Whale wallets accumulated 100 million DOGE in 7 days, signaling rising confidence and momentum.
- Analysts see potential breakout to $0.19270 soon, with long-term target set at $0.704.
Dogecoin is showing signs of renewed energy as it maintains a solid position above $0.17500, attracting attention across the crypto world. BitGuru, a respected crypto analyst, highlighted that DOGE recently rebounded from $0.13009 and now displays a textbook cup-shaped pattern on the 4-hour chart, often seen as a bullish indicator.
Earlier in April, Dogecoin endured a steep correction, tumbling to $0.13009 after a period of high volatility. It later regained ground, climbing to $0.16661 and briefly reaching $0.19270, showing strong resilience. BitGuru described that setup as a bullish beauty, emphasizing how the rising lows confirm market optimism and a recovery from prior weak zones around $0.18028.
As of now, DOGE is consolidating below the $0.18000 mark, holding its key support level well. BitGuru believes if it sustains momentum above $0.17500, the odds are strong for another breakout toward $0.18500, with a chance of revisiting the $0.19270 peak in the short term.
Dogecoin Whale Activity Boosts Confidence
Trader Tardigrade, another widely followed analyst, pointed out a new Upward Channel forming on the 4-hour chart, further supporting the bullish case. This technical formation could push the meme coin higher if current patterns hold steady. The growing optimism is not limited to technical charts. On May 1, Ali Martinez revealed a sharp increase in whale activity, noting that large holders scooped up 100 million DOGE in just seven days.
Martinezs data showed that wallets holding between 1 million and 10 million DOGE were behind this accumulation. This influx from big players often signals brewing confidence and can set the stage for strong market movements.
In another recent update, a crypto analyst suggested that if DOGE manages to close the month above $0.20, it could ignite a rally aiming at the historic all-time high of $0.74. This potential move would mark a critical shift in market sentiment and likely draw in more investor interest.
Long-Term Prospects Eye Higher Targets
On April 27, MasterAnanda offered additional technical insights via TradingView, analyzing the broader picture. His analysis charted an ABC correction that began from the December 8, 2024 high of $0.4846. The corrections first wave brought a 46% drop to $0.2626, followed by a 66% bounce to $0.4350. The C-wave then completed with a steep 70% fall, bottoming out at $0.1298.
From this foundation, Dogecoin has staged an impressive comeback. MasterAnanda now sees DOGE well below its former peaks but poised for what he described as an impulsive rally. His analysis sets a bold target at $0.704, underscoring the potential for significant upside if market momentum continues.
With bullish signals mounting, from whale accumulation to strong technical setups, DOGE seems prepared for another critical push.
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Read more: https://www.tronweekly.com/dogecoin-momentum-strong-above-0-175/
Text source: TronWeekly
