Crypto expert Master Kenobi has shared insights on the current price movement of Dogecoin. According to the analyst, the popular meme coin is nearing the moving average (MA) line, hinting at a possible new all-time high (ATH).
Dogecoin is on the verge of reaching its ATH as its weekly Relative Strength Index (RSI) approaches the MA line, as revealed by Master Kenobi. Breaking through this crucial level is essential to confirm a sustained upward trajectory, with the current ATH of $0.74 becoming the next key target for Dogecoin.
Master Kenobi also pointed out that despite a strong performance throughout the week, Dogecoin is unlikely to close in the ATH zone. The meme coin faces resistance at the upper green trendline, following a successful test of the lower green trendline in recent weeks.
Looking at the fundamentals, the potential reinstatement of Donald Trump in the White House could act as a significant catalyst for Dogecoin to reach its current ATH, according to the analyst.
Another expert, Kevin Capital, outlined the necessary steps for Dogecoin to surpass its current ATH. Breaking through key levels at $0.49, $0.53, and $0.59 is crucial, with a clean break above $0.59 paving the way for a new ATH for Dogecoin.
On the brink of its next bullish phase, Dogecoin shows signs of a bullish crossover on the MACD indicator, according to Trader Tardigrade. A similar occurrence in the past led to a significant price surge for DOGE, indicating the potential for another rally towards the psychological $1 mark.
Trader Tardigrade also mentioned the “Power of Three” (PO3) pattern, suggesting that Dogecoin could target $1 in the near future. With other experts predicting a rally to $1.2 by the end of January, the momentum seems favorable for Dogecoin.
As of the latest data from CoinMarketCap, Dogecoin is trading around $0.38, marking a 15% increase in the past 24 hours. Traders and investors keenly await the further price movements of the meme coin.
