Dogecoin Will See New ATH Soon – Top Trader Sets $2 Target
Dogecoin is testing demand above $0.40 after consolidating below its yearly high of $0.484 for several days. The price volatility during this period has traders nervous as Dogecoin’s price appears to be on the verge of making a decisive move. Although the upward momentum has temporarily stalled, market sentiment remains positive, with many investors anticipating another breakout.
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Top analyst and trader Hardy recently shared a technical analysis that highlighted the potential for a significant price increase in Dogecoin. Hardy said it’s only a matter of time before DOGE breaks through to a new all-time high. His analysis suggests that Dogecoin is building a solid foundation and continued consolidation at current levels is a bullish sign.
If Dogecoin holds support above $0.40a sharp rebound is likely in the coming weeks. However, much will depend on broader market conditions and DOGE’s ability to maintain buying pressure. All eyes are on its ability to overcome resistance and resume the bullish trend. With whale activity and trading volume showing signs of growth, Dogecoin may soon retest its highs, ushering in a new chapter of price discovery.
Dogecoin Consolidates at Current Levels
After an impressive rally, Dogecoin is consolidating below its yearly high of $0.484, and it looks like this phase of sideways action may continue for a while. While price action has calmed, investor sentiment remains very positive, with many viewing this consolidation as a stepping stone towards higher price levels.
Top analyst and trader Hardy recently Shared detailed technical analysis on Xproviding a bullish outlook for Dogecoin. Hardy believes DOGE’s current price action is a healthy consolidation within a broader uptrend. He emphasized that the asset is building on a solid foundation, which increases the likelihood of a major breakthrough. Hardy’s predictions suggest that Dogecoin is poised to surpass its yearly highs and potentially reach new all-time highs (ATH).
In his analysis, Hardy highlighted key support levels near $0.40 and $0.36, suggesting that these areas are crucial to maintaining the bullish structure. He also charted a potential price trajectory, predicting that Dogecoin will consolidate at current levels for a few weeks before resuming upward momentum. His bullish target for DOGE is $2, which he believes can be reached if the broader market remains favorable and buying pressure intensifies.
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While consolidation may test traders’ patience, Hardy’s analysis is consistent with the broader view that Dogecoin is gearing up for another major rally. As long as it holds key support and market sentiment remains positive, a new ATH may be on the way.
DOGE Price Action: Key Levels to Watch
Dogecoin (DOGE) is currently trading at $0.40 after retracing 24% from its local highs. Despite the pullback, prices still exceeded this key demand level, indicating the resilience of the bulls. Market participants are keeping a close eye on the $0.40 area, which is a key point in determining where DOGE price action will go next.
If DOGE is able to regain $0.43 levels in the coming days, the stage could be set for a retest of the yearly highs of $0.484. A break above this resistance could reignite bullish momentum and pave the way for further gains, potentially attracting fresh interest from traders and investors. However, maintaining support and gaining traction is crucial for this to happen.
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On the other hand, a break below the $0.40 level could indicate that bearish sentiment is gaining control of the market. In this case, DOGE may face a deeper correction, with the next key support level likely to emerge near $0.36. This move would challenge the bullish outlook and delay Dogecoin’s efforts to reach new highs.
Featured image from Dall-E, chart from TradingView
