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Crypto strategists hint at a possible breakout for Dogecoin (DOGE)

Winnie Kimeu

Writer, News

Jan 24, 2023 at 06:22

Two renowned crypto experts believe that the beloved meme-inspired coin, Dogecoin (DOGE), may be readying itself for a massive surge in value.

An anonymous but reputable analyst, Rekt, informed their 333,800 Twitter followers that the rival of Shiba Inu (SHIB) is challenging the diagonal resistance of a bullish reversal pattern on its weekly chart. It’s currently testing the limits of this structure.

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Furthermore, upon examination of the trader’s chart, it appears that for Dogecoin to spark a breakout rally, it must conquer its resistance at $0.090.

DOGE tests upper limit

Another crypto expert also holds the belief that Dogecoin could be on the verge of a breakout. The pseudonymous analyst, Rager, informed his 203,300 Twitter followers that DOGE is currently pushing the limits of their accumulation range, testing its upper limit.

Rager says he’s been keeping a close eye on the DOGE chart, saying he is fond of the current configuration and doesn’t want to miss out on the action.

Dogecoin had a fantastic response, showing a strong upward movement. However, the recent pullback in Bitcoin value has caused it to retrace back prior to the breakout. 

“Will watch patiently here, if BTC moves back up.” Rager.

DOGE doing well but still below its peak

According to the trader’s chart, Dogecoin is currently trading above an accumulation zone, with DOGE being exchanged at $0.089. 

Moreover, the ninth-largest digital currency has seen an impressive increase of 26% this year yet still maintains a significant decline of 87% from its all-time high, reached in May 2021.

DOGE 1 month graph. Source: CoinmarketCap
DOGE 1 month graph. Source: CoinmarketCap

DOGE is trading at $0.088271 USD on Jan 24, 2023, with a 24-hour trading volume of $546,379,389 USD.

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