Meme Token DOGE Set for Explosive Rise to New Highs
Date: 2025-01-03 Author: Henry Casey Categories: CRYPTO PAYMENTS
Dogecoin (DOGE) has caught the attention of analysts as it recently broke out of a descending triangle, which is often a sign of strong price moves. Analyst Trader Tardigrade suggests that this breakout could be the first step in a significant rally for the token, which could soon reach new short-term highs.
The daily chart of DOGE shows support at $0.31, which now represents an important support zone. The token is currently trading above $0.33, and maintaining this level is important for the bullish trend to continue. If DOGE can hold these levels, the next target will be at $0.42, an important resistance, which, if broken, will open the way for further gains.
The analyst also noted that breaking through the $0.42 level could lead to the next target at $0.56. However, he does not rule out that DOGE could grow to more ambitious levels in the future, including $3.20.
The analyst’s opinion is supported by cryptocurrency supporter KrissPax, who is confident that the recent breakout from the two-week descending wedge pattern could signal an imminent bullish reversal for DOGE. If the token continues to support key levels and maintain momentum, it could become one of the most popular assets on the market.
Thus, DOGE, showing signs of growth, is of interest to traders and investors expecting a strong price movement in the near future.
