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- An analyst predicts an 8-10% bullish wave for Dogecoin if an upside breakout occurs.
- Technical indicators, such as RSI divergence and TD Sequential, suggest Dogecoin could be poised for a strong rebound.
Dogecoin (DOGE) has recently been in the spotlight, as shared by popular analyst World of Charts in a tweet that included a two-hour timeframe chart. According to the analyst, DOGE has been consolidating in a confined range for some time and is now seeking to break out to the upside.
Traders Eye Potential Breakout Amid Dogecoin Struggles
If an upside breakout occurs, World of Charts forecasts an 8-10% bullish wave. The expectation for Dogecoin’s next move has many traders looking for signs of a breakout, but current market conditions appear to indicate that DOGE is still struggling to find a strong footing.
$Doge#Doge Consolidating Within Short Range For A While Now Trying To Clear Range Towards Upside Expecting 8-10% Bullish Wave Incase Of Upside Breakout pic.twitter.com/CkMRoDoD3j
— World Of Charts (@WorldOfCharts1) September 5, 2024
Dogecoin is currently trading at $0.09746, down 0.19% over the last 24 hours. This dip is consistent with a general pattern of light consolidation, and DOGE’s daily trading volume is about $465.61 million.
Despite market swings, Dogecoin’s recent price moves have kept it within a stable range, although a lack of major upward momentum continues to limit future price rises. Traders and investors are waiting for the next major event that will propel the meme cryptocurrency to new heights.
Earlier this month, as we previously reported, Elon Musk won a huge lawsuit demanding $258 billion in damages. The complaint accused Musk of manipulating the Dogecoin market through his social media activities, but the judge determined that the prosecutor’s interpretation of Musk’s tweets and online presence was incorrect.
Given Musk’s significant influence in molding the coin’s market perception, this court victory was expected to boost DOGE’s value. However, the predicted price increase following the court’s verdict has yet to occur, as many had hoped.
On the other side, CNF previously noted that on-chain analyst Ali Martinez discovered multiple bullish technical signals for Dogecoin.
Key indications, such as RSI divergence and a TD Sequential buy signal, indicate that DOGE may be poised for a major rebound. These technical patterns are frequently associated with trend reversals; thus, some traders believe Dogecoin’s next breakout will be big.
