Crypto analyst Basic Trading has revealed that the Dogecoin price is confirming a final retest before a potential move to the upside. In line with this, he revealed price levels to watch for as DOGE eyes a bullish breakout.
Levels To Watch For As Dogecoin Price Confirms Final Retest
In a TradingView post, Basic Trading highlighted $0.2, $0.5, and $5 as the levels to watch out for as the Dogecoin price confirms a final retest. This came as the analyst noted that market participants are about to witness a textbook ‘break and retest’ for Dogecoin. Alluding to the monthly chart, the analyst said that DOGE is obviously in an upward trend despite recent corrections.
Basic Trading also remarked that the Dogecoin price has seen the expected correction of about 50% following its textbook retest of the previous all-time high about three months ago. The analyst is confident that the foremost meme coin is about to confirm the bullish break and retest, which would eventually lead to a parabolic rally and new highs.
He predicts that DOGE will witness significant buy pressure, pushing the Dogecoin price to its current local high of around $0.5. This potential breakout would pave the way for a rally to a new ATH. Basic Trading believes that the foremost meme coin can rally to as high as $5 because of its performance in previous cycles.
The analyst noted that the Dogecoin price enjoyed an 8,000% gain in the 2017 bull cycle and a 50,000% in the 2021 cycle. As such, he believes the $5 price level is a conservative target for DOGE in this bull run. Crypto analyst Dima Potts also recently predicted that Dogecoin could reach $10 in this cycle as it is mirroring a similar pattern from the 2017 bull cycle.
$3 Remains A Strong Possibility For DOGE
In an X post, crypto analyst Ali Martinez revealed how the Dogecoin price could rally to as high as $3 in this market cycle. He noted that the most critical support zone for DOGE is between $0.19 and $0.16. According to him, if this level holds, the $3 target remains a strong possibility for the foremost meme coin.
Crypto analyst Trader Tardigrade also provided a bullish outlook for the Dogecoin price. In an X post, he stated that DOGE’s macro chart is showing a similar price pattern. The analyst remarked that if it mirrors the 2017 moves, DOGE could soon experience another massive surge. His accompanying chart showed that the meme coin could reach $1.7 when this massive surge happens.
At the time of writing, the Dogecoin price is trading at around $0.25, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Unsplash, chart from Tradingview.com
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