Why Is Dogecoin (DOGE) Price Up? Analysts Eye $1 Target

Why Is Dogecoin (DOGE) Price Up? Analysts Eye $1 Target

Dogecoin, often referred to as the "Bitcoin of memecoins," has recently surged by over 30%. This has propelled it above $0.145, making it its highest price since June.

Crypto veteran "Bluntz" posted a viral Dogecoin chart to his 284,000 followers, indicating a breakout from a downtrend that began in April 2024. The突破 descending trendline suggests a change in market sentiment.

The price has gained an impressive 8.54% today. Notably, the token has rallied from its August low near $0.09, where it established a bottom reversal pattern.

The rally is supported by strong resistance in the $0.095-$0.10 range. This zone has repeatedly acted as a floor for buyers to step in. The increased trading volume during the breakout further solidifies the move.

The RSI indicator is currently at 64.41, indicating bullish momentum with potential for further gains. Traders anticipate the $0.20-$0.22 region as the next significant resistance level.

Prominent analyst CROW predicts that DOGE could potentially reach the $1 target. He cites the current technical setup and market structure as potential catalysts for this move.

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