Dogecoin could rally 6,770% if the current trend holds, says analyst

Dogecoin (DOGE) Price Analysis

Crypto expert Ali predicts a potential 6780% surge in Dogecoin (DOGE) if it maintains its ascending parallel channel pattern.

Technical Analysis:

DOGE is currently trading at $0.3215, consolidating after peaking at $0.50 earlier this year.

• Support: $0.30
• Resistance: $0.35 - $0.40

These levels align with historical Fair Value Gaps (FVGs), indicating potential retracement zones.

A recent rejection near $0.45 suggests selling pressure at higher levels. Consolidation between $0.30 and $0.32 indicates a potential bottom, but FVGs below $0.30 may expose lower targets.

Moving Average Convergence Divergence (MACD) shows a bearish crossover, indicating increased selling momentum. Additionally, a decline in open interest may indicate decreased speculative activity.

Sentiment:

DOGE sentiment remains mixed, influenced by overall market conditions. While it maintains a loyal base, macroeconomic uncertainty and wider crypto market trends have tempered bullish enthusiasm.

Recommendation:

DOGE remains in a consolidation phase. $0.30-$0.32 is a potential buy zone, while $0.35-$0.40 are key resistances. Bearish momentum persists, but downside risk is limited by FVGs.

To sustain an upward trajectory, DOGE must reclaim resistance zones and regain bullish momentum.