A TradingView analyst has highlighted a bullish setup in Dogecoin, forecasting a 30% surge to $0.43 if it successfully breaks through key resistance.
Dogecoin has continued to capture traders’ attention, driven by broader market optimism and growing speculation regarding its prospects. The meme-based crypto has remained closely linked to Elon Musk’s business ventures, benefiting from its usage across Musk-affiliated companies and his vocal support.
Further, recent developments have intensified interest in DOGE, particularly concerning a potential Dogecoin ETF. As a result, investor confidence in Dogecoin remains high, with growing anticipation of its next significant price surge.
Can Dogecoin Rebound to $0.43?
For instance, a TradingView analyst recently shared a 12-hour Dogecoin trading chart, illustrating historical price movement alongside technical indicators.
The chart displayed a descending channel, indicating that Dogecoin has been experiencing lower highs and lower lows. According to him, technical indicators have turned increasingly positive, suggesting a potential breakout from this pattern.
DOGE 12 high chart
A key resistance level at $0.43 has been identified and marked as a significant target price for the crypto. At its current price of $0.3312, Dogecoin would need to rise by approximately 29.83% to reach this target.
Meanwhile, a previous analysis highlighted Dogecoin trading within a parallel channel, reflecting a gradual bullish sentiment. At that time, the analyst suggested that maintaining support and breaking the trendline could see Dogecoin rising toward $0.49.
Other Analysts Weigh In
Other market analysts have weighed in on Dogecoin’s performance amid ongoing market fluctuations. Ali Martinez, a well-known analyst, questioned the rationale behind betting against Dogecoin, citing its historical ability to deliver rapid price surges.
The analyst referenced Dogecoin’s performance in January 2021, when the cryptocurrency soared 900% within 48 hours. His commentary has gained relevance given the market’s persistent uncertainty and Dogecoin’s recent performance struggles.
Elsewhere, analyst Javon Marks updated his outlook for Dogecoin, predicting a potential surge of 600%, which could push the price to $2.28. Marks analyzed historical price cycles, identifying three distinct phases of accumulation: breakout, price surges, and corrections.
Based on these patterns, he suggested Dogecoin remains on track for another bullish movement.
