In recent developments in the cryptocurrency market, noted analyst Crypto Jack has raised eyebrows by suggesting the possibility of Dogecoin (DOGE) reaching new all-time highs (ATHs). His insights into the cryptocurrency’s current trajectory reveal the next critical resistance level that must be overcome for this anticipated rally to materialize.
Next Major Resistance as Dogecoin Eyes Rally to New ATHs
In an X post, Crypto Jack identified the price point of $0.5696 as the next significant resistance for Dogecoin, which must be broken to facilitate a rally toward these new heights. According to Jack, DOGE has established an ascending channel, with key Fibonacci levels providing both support and resistance along its path. He highlighted that while the current support stands at $0.1, the major hurdle lies at the aforementioned $0.5696.
Jack emphasized that a successful breakout above this resistance level could trigger a robust rally, suggesting the potential for Dogecoin to soar as high as $2.7, given that there are no critical resistances looming overhead once it surpasses $0.5696.
Echoing these optimistic predictions, fellow crypto analyst CryptoElites has also suggested that DOGE could ramp up to $2.7, reinforcing his forecast that the price will touch at least $2 by late April or May. Additionally, analyst Aliimn has pointed out the possibility of Dogecoin breaking through a multi-year descending triangle, leading to further gains.
On a more conservative note, analyst Master Kenobi anticipates Dogecoin could settle at $1.1 by June, marking a new ATH. He connects this projection to observed patterns during DOGE’s 2017 bull run, suggesting that similar dynamics may unfold in the current cycle.
Decision Time for DOGE
In light of these forecasts, crypto analyst Ali Martinez has concluded that the situation is critical for Dogecoin’s price movements. His analysis indicates that the cryptocurrency is presently positioned at the lower boundary of its ascending channel.
A slip below the support level of $0.17 could potentially usher in a significant downturn, while maintaining this threshold may lead to a rebound towards mid-channel levels around $3 or the upper boundary exceeding $16.
Meanwhile, Trader Tardigrade has expressed confidence in a DOGE rebound from its current valuation. In a recent social media post, he indicated that the cryptocurrency’s season is imminent, pointing out a parallel between the DOGE/BTC chart’s patterns before a bullish reversal.
As of now, Dogecoin is trading at approximately $0.169, reflecting a positive gain of over 3% within the last 24 hours, according to data from CoinMarketCap.
