Dogecoin has slowed after a significant parabolic run over the past few weeks, prompting speculation about its near-term performance. However, given several positive developments around its price, cryptocurrency analysts predict that another significant boost could occur, possibly pushing the meme coin to a recent record high.
A recent all-time record on the way for Dogecoin?
Dogecoin’s potential to reach a recent high in the ongoing bull market has gained sturdy optimism and confidence in the crypto community as many predictions regarding long awaited rally emerge quickly. One of the latest predictions comes from Trader Tardigrade, a market expert and investor who made it happen he suggested with an upcoming 200% jump for DOGE in the coming weeks.
Pointing to sturdy technical indicators such as the Relative Strength Index (RSI), Trader Tardigrade predicts a significant uptrend for Dogecoin, leading to a recent all-time high. His predictions highlight changing market dynamics, with retail and institutional players adjusting their positions in anticipation of future price increases.
According to a market expert, this key indicator tracking the momentum of crypto assets is rising from the oversold zone on the 4-hour DOGE chart. This upward move suggests bullish momentum as the dog’s motive the same corner aims to regain multiple key price levels.
It should be noted that Dogecoin has surged 40% and 200% following the recent RSI bounces from the same oversold zone. Meanwhile, the intensity of the pump is growing even more at the moment, indicating that much more growth may be on the horizon.
As a result, Trader Tardigrade is confident that Dogecoin can experience a massive boost of 200% and more, which will ultimately lead to recent all-time record for the meme coin, and the expert set the next target at $1.15.
As a recovery in the RSI index indicates a return of buying interest in the market, which could lead to further price increases, traders and traders are now monitoring confirmation of a trend reversal to re-evaluate their portfolios.
DOGE ready for another critical rally
Another critical technical indicator of Trader Tardigrade quoted what suggests a further upward move for Dogecoin is the Moving Average Convergence Divergence (MACD). Specifically, this measure helps identify market trends, dynamics, and possible entry or exit points.
After examination DOSErecent price action, especially in the 4-hour range, Trader Tardigrade highlighted that a Golden Cross signal emerged from below the MACD zero line.
Typically, a Golden Cross signal appears when the short-term moving average rises above the long-term moving average, which indicates a change in market dynamics in a favorable direction. This development is significant because it may trigger another one mass running of the bulls for a meme coin if the trend continues in the coming days.
Featured image from Unsplash, chart from Tradingview.com
