A hidden bullish divergence The pattern has just been identified on the Dogecoin price chart, indicating the possibilities of a significant uptrend. With this new technical pattern, a crypto analyst has projected a $0.7 target for the Dogecoin price.
Bullish divergence hints at Dogecoin price rise
On November 20, crypto analyst Trader Tardigrade said on X (formerly Twitter) announced the appearance of a hidden bullish divergence on the Dogecoin 4-hour Relative Strength Index (RSI) graphic. Based on this unique technical indicator, the analyst’s Dogecoin price analysis suggests that the meme coin may be gearing up for a significant move to the upside.
Typically, a hidden bullish divergence of the RSI occurs when the price of a cryptocurrency forms higher lows while the RSI forms lower lows. This indicates that despite Dogecoin’s RSI The price is showing declining momentum and still remains strong, indicating higher potential for one continuation of the upward trend.
Recently, the Dogecoin price stood at one big bullish runwhile the price skyrocketed from above $0.1 to over $0.35 in just a few weeks. This impressive rally has made the popular meme coin possible tests the $0.4 resistance levela critical threshold that could trigger a significant rally for the Dogecoin price.
Based on Trader Tardigrade’s Dogecoin chart, the RSI Hidden Bullish Divergence may form around the $0.37 price level. The analyst has one bullish target at $0.7 for Dogecoin, highlighting steady but continuous growth from the current price, if that is possible maintain the positive momentum.
At the time of writing, Dogecoin’s price is trading at $0.38, marking an increase of 165.19% in the past month, according to CoinMarketCap. Despite repeatedly failing to cross the $0.4 threshold, Dogecoin could see a price increase of 84.2% from its current value if the expected positive growth driven by the Hidden Bullish Divergence holds. This would effectively put the meme coin close to or even above All-Time High (ATH) of $0.73 in May 2021 during the last bull market.
DOGE focuses on new ATH
In another X messagecrypto analyst Steph has maintained an optimistic view on the Dogecoin price. According to Steph, Dogecoin could be preparing for one new AT this bull cycle.
The analyst shared a 2-year Dogecoin price chart, pinpointing a bullish target between $1.4 and $1.8 for the meme coin. Given the target’s position on the Dogecoin chart, the analyst suggests that this ATH rally could occur before the end of 2024 or in 2025.
Based on current market trends, this huge price increase for a new ATH could possibly be caused by The influence of Elon Musk through its newly proposed organization, the Department of Government Efficiency (DOGE). Additional, Donald Trump’s upcoming inauguration as the 47th President of the United States (US) could also serve as a strong catalyst that could push the Dogecoin price higher.