Dogecoin’s price action has been incredibly strong as the meme coin scene explodes with huge gains amid the influx into the crypto market. The meme coin’s rally was underlined when it recently crossed the $0.12 mark, confirming a bull breakout from a multi-month downtrend. Notably, a Dogecoin analysis previously reported by Bitcoinist revealed significant price-setting levels for the meme coin, with $0.12 being a major coin.
This remarkable increase could well be the cause start of the Dogecoin rally. Interestingly enough, this view is echoed by a large number of crypto analysts and meme coin investors. In particular, a popular crypto trader (Crypto Rand) highlighted that DOGE is now loading the moonshot, a comment made to confirm the momentum of the build.
Dogecoin’s next target: the moon
Crypto trader Crypto Rand recently took to social media platform In his post, Rand highlighted Dogecoin’s impressive breakout from a multi-month downtrend that had been underway since April.
At the time of the analysis, DOGE had just managed to break past the $0.11 barrier and was testing a crucial resistance level at $0.12. As such, the analyst pointed out the importance of this price action, urging investors not to miss the opportunity to buy in while noting several price rally levels.
“Don’t miss $DOGE loading the Moonshot!”
Since his first post, Dogecoin has continued to gain strength, confirming Crypto Rand’s bullish outlook. DOGE managed to move clearly above the $0.12 threshold for the first time in two months, showing that the breakout was taking full effect.
Edge followed with a new updateconfirming Dogecoin’s continued progress and confirming his earlier call that the “moonshot” was indeed happening. Interestingly, the DOGE chart shared by the analyst notes other key price targets to watch as the rally unfolds. As of now, the immediate target is a 16% price increase to $0.14. Subsequent price points are at $0.17 and $0.225, representing gains of 42% and 88% from $0.12.
Don’t miss it $DOGEloading the moonshot! 🐶 pic.twitter.com/Dqrs8902eW
— Crypto Rand (@crypto_rand) September 26, 2024
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Rand’s analysis has resonated with many meme coin enthusiasts and crypto investors, who see Dogecoin’s current price action as a harbinger of even bigger gains. A similar analysis veteran crypto trader Peter Brandt commented on this breakout from a downtrend.
He highlighted a DOGE target just above the 2024 high of $0.22. Popular crypto analyst Ali Martinez also highlighted this outbreak using the RSI and a buy signal from the SuperTrend indicator.
At the time of writing, DOGE is trading at $0.123, reflecting a gain of 17% in the last seven days. In the short term, DOGE now has a free run to the $0.14 price level. Data from IntoTheBlock shows that only a small amount of DOGE offers resistance on the way to hitting that target, indicating a relatively smooth run-up.
Featured image from Pinterest, chart from TradingView