Bitcoin (BTC) recently retested the upper boundary of an upward sloping flag pattern on the daily timeframe. Meanwhile, Dogecoin (DOGE), the second-largest proof-of-work (PoW) secured digital asset and leading meme coin, is preparing for a potential bullish breakout. DOGE has gained around 4% over the past 24 hours and is trading around $0.76 in early Asian trading. Additionally, the weekly relative strength index (RSI) rose above 50 for the first time since the beginning of the year.
Dogecoin Price Targets for the Relief Rally:
After rising 30% in the past four weeks, Dogecoin has decisively broken out of a long-term triangle consolidation pattern, signaling the potential for further gains in the coming weeks. Crypto Kaleo, a well-known digital asset analyst, said Dogecoin is expected to reach 20 cents in this rally. However, he warned that Dogecoin may not reach the $1 mark until after 2024.
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Crypto Kaleo expects Dogecoin to first encounter the psychological resistance zone between 9 and 10 cents before heading towards the next significant hurdle at 15 cents. Notably, the 20 cents target is based on Dogecoin’s performance relative to Bitcoin, underscoring the importance of BTC price action for the meme coin.
The Dogecoin network has approximately 5.9 million non-zero addresses and facilitates approximately 174 million on-chain transactions. As of the time of reporting, the total hashrate of Dogecoin is approximately 732.09 TH/s and the mining difficulty is approximately 11.71 million. These indicators reflect the robustness and activity within the Dogecoin network.
In conclusion, Dogecoin is poised for a bullish breakout, with analysts setting price targets, but it is worth noting that reaching $1 may take some time. Bitcoin’s performance will also play a key role in Dogecoin’s journey, and the memecoin’s network continues to show significant activity.
