Dogecoin (DOGE) could experience a 30% surge by 2024, potentially reaching $0.090, if it maintains the $0.069 weekly support zone, according to a recent analysis. This prediction was based on the cryptocurrency's breakout from a multi-year descending triangle and a buy signal from the TD (TSX:TD) Sequential indicator.
Analysts remain optimistic about Dogecoin's future despite its recent fall below the Channel Top following a +31% rally from the Channel Bottom. Rekt Capital, however, has cautioned investors about potential risks if Dogecoin fails to reclaim its position.
Rekt Capital further highlighted Dogecoin's potential breakout from its year-long descending channel pattern, which has been in place since last year's peak. The pattern has faced five upper trendline rejections over the past year. Despite this, traders' "buy-the-dip" behavior has provided relief under key resistance.
The firm identified a decisive breakout signal as a weekly close above the channel’s top, which could herald a bullish trend. Price targets based on Fibonacci retracement levels and Exponential Moving Averages (EMAs) are concentrated in the $0.0660 to $0.0684 bracket.
If Dogecoin successfully breaks out of this pattern, it will target an initial major price level of $0.0785. Subsequent targets include $0.0938, $0.1062, $0.1186, and $0.1363, with the ultimate aim to surpass the November 1 high of $0.1588.
These trends and predictions will be further discussed at Benzinga's Future of Digital Assets event.
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