Dogecoin Bullish Breakout to $0.24: Key Levels to Monitor

Numerous analysts believe that the well-known dog-themed meme cryptocurrency Dogecoin (DOGE) is displaying highly bullish signals in this market cycle. Despite experiencing significant declines over the past few months, one analyst has predicted a substantial bullish breakout to $0.24, along with a chart demonstrating how the price of DOGE is anticipated to rise steadily to reach this target.

Dogecoin Targets $0.24

Currently, Dogecoin’s price has been hovering around the $0.1 mark for some time, experiencing considerable volatility with minor gains and sudden downturns. On X (formerly Twitter), notable crypto analyst Ali Martinez pointed out two crucial signals that might suggest an imminent bullish breakout for Dogecoin.

Analyzing his 2024 DOGE chart, Martinez also mentioned five price targets for Dogecoin. The chart indicates a steady upward trend, where Dogecoin is projected to gradually achieve four of these targets before ultimately reaching the fifth target at $0.24. He expects DOGE’s price to ascend from $0.1 to $0.125, $0.135, $0.16, $0.18, and finally up to $0.24.

For a bullish breakout in Dogecoin to occur, Martinez has advised investors to keep an eye on two major signals that could indicate a path towards the cryptocurrency’s anticipated projected price target of approximately $0.24.

Martinez pointed out that the first key signal, which is the Relative Strength Index (RSI), is currently breaking the descending trend line on the DOGE daily chart. The RSI is a technical indicator used to gauge the momentum of a cryptocurrency’s price movements, whether bullish or bearish.

Breaking above a descending trend line indicates a potential shift from bearish to bullish momentum for Dogecoin. This suggests renewed investor interest in the cryptocurrency, with buyers gaining strength.

The second important signal is a resistance level at $0.11. Martinez has noted that if DOGE can break through the new resistance level near the $0.11 price mark, it would imply strong upward momentum is imminent, potentially triggering a price rally.

Other Analysts Reflect Similar Views

An emerging crypto analyst, known as ‘Crypto Tapper’ on X, also believes that Dogecoin is poised for a notable bullish breakout. Crypto Yapper has based his optimistic forecasts on a recent falling wedge formation observed in the daily Dogecoin chart.

The analyst declared that the Dogecoin falling wedge formation was nearing its apex, indicating a potential price surge in the near future. He also stated that the trend line resistance had previously rejected Dogecoin, but now the cryptocurrency is positioned to break free from the bearish trend and possibly aim for a price target of $0.2.