Dogecoin has been on the radar of many top crypto analysts over the last few weeks because its indicators have been flashing bullish for the longest time. The meme coin has also not performed at the same level as some other altcoins, hence the widespread belief that it will see a delayed but explosive move. One of the analysts who envision a big blowout for the meme coin is Alan Santana who took to TradingView to share his bullish sentiment for the DOGE price.
Mapping Out The 6-Month Timeframe For Dogecoin
In the analysis that was posted on TradingView, crypto analyst Alan Santana put the Dogecoin price breakout on a six-month timeframe. According to Santana, this is a likely timeframe that the meme coin’s price will see the much-anticipated recovery. But what’s even more interesting is the price target that the analyst has set out for the altcoin.
There are three targets mapped out over this timeframe with each one higher than the last. The first target here is a 70% move up from its current price level that could bring the meme coin above $0.1 finally and as high as $0.136 for a start.
The next target from this 70% move lies just above $0.15. Hitting this target would mean DOGE’s price moves 94% from its present value, and this target is one that other analysts have expected Dogecoin to hit soon.
The last of the three targets is the mark above $0.18. This target is a 133% increase but is not exactly out of reach given that its previous all-time high is at $0.7. The analyst points toward the altcoin having a long-term higher low as the reason this is possible, saying “A higher high is possible.” Santana also opined that even this higher high “is still lower than the Nov. 2022 peak.”
Source: Tradingview.com
Other technicals that point to a possible Dogecoin breakout is the Exponential Moving Average (EMA). Santana revealed that the price of DOGE is still trading safely above both its EMA200 and its EMA300, and with volume accumulating at this time, it is still early for Dogecoin.
“While it is hard to see lower targets, the market underperforming… It is easy to see much, much higher and the market over-performing, blowing away all of our conservative expectations… It can happen,” the crypto analyst stated.
When Will DOGE Breakout?
In a follow-up post, the analyst analyzed the Dogecoin daily chart in a bid to determine if it was finally time for a correction in the DOGE price. The outcome of this was that the analyst did not believe that the DOGE price would begin to retrace, but there is always the possibility. Since the follow-up was posted, the DOGE price has since fallen from above $0.08 to $0.0769, suggesting a small retracement.
However, the analyst points out that the RSI remains strong, but has not been overbought, a good sign for the meme coin. Since the coin is also trading above the descending trend line, it maintains its bullish outlook.
DOEG price at $0.0769 | Source: DOGEUSD On Tradingview.com
Featured image from Shrimpy Academy, chart from Tradingview.com
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Author: Scott Matherson
