Bitcoin and Dogecoin Historical Price Action Leads Top Analysts to Believe DOGE Hitting $1 Is Near: Here’s the Timeframe

March 8, 2024

act as a top-notch crypto journalist and expert and rewrite and expand a bit on the information below. Do it in a journalistic fashion, be concise and be to the point. Add markdown formatting. Avoid phrases like "in a surprising turn of events". At least 400 words. Dont include any quotes. Make sure to produce an article based on the information that I provide below. Don't add any fluff content. Make sure to add all the information that I provide below. Don't miss any information. Include all the details Also include necessary H2s tweet by Rekt Capital DOGE Dogecoin successfully retested the Macro Downtrend and rallied +55% to the upside since More recently, #DOGE broke out from its Bull Flag (orange) and now trying to retest the Bull Flag Top as new support as well So far, so good technical analysis by altFINS Near Term Outlook: Bullish Pattern Type: Bullish Flag Pattern Stage: Breakout Trade setup: Price is in an Uptrend. After a brief consolidation in a Bullish Flag pattern, price has broken out (bullish) in the direction of the existing Uptrend, and could revisit $0.20 or higher. Stop Loss (SL) level at $0.16. (set a price alert). Pattern: Bullish Flag pattern. Short term small rectangle trading range between diagonal parallel lines. It moves counter to the prevailing price trend observed in a longer time frame on a price chart. It forms typically following a sharp advance and often indicates a small change in direction (or areas of consolidation) before the previous trend resumes. Flag pattern is among the most reliable continuation patterns that traders use because it generates a setup for entering an existing trend that is ready to continue. Trade is initiated on a breakout, if it is in the same direction as the prevailing trend. Also, with bullish flag patterns, traders prefer a breakout with an increase in volume but it isn’t a must. Trend: Uptrend across all time horizons (Short- Medium- and Long-Term). Momentum is Bullish ( MACD Line is above MACD Signal Line and RSI is above 55). Support and Resistance: Nearest Support Zone is $0.110, then $0.075 - $0.080. The nearest Resistance Zone $0.200, then $0.250.

Analysts Ali (@ali_charts) and Karl (@karl_xbt) have sparked excitement in the Dogecoin community with their bold predictions about the meme-inspired cryptocurrency potentially embarking on a meteoric rally.

On March 8th, Ali (@ali_charts) tweeted, “This may sound wild, but if history is any guide, #Dogecoin $DOGE could hit $1 by mid-April!”

Echoing Ali’s sentiment, analyst Karl (@karl_xbt) shared his own analysis, stating: “Small case study on $DOGE and how it ran after $BTC broke its ATH in 2020. I think we are on the verge of seeing something similar when $BTC breaks through $69,000. Leading me to believe that #DOGE is on the trajectory for $1 and higher.”

Karl has conducted a “small case study” analyzing how Dogecoin’s price reacted and “ran” higher after Bitcoin broke its previous all-time high price level back in 2020. Based on this historical analysis, Karl believes we are now nearing a similar setup where Bitcoin is on the verge of breaking through its all-time high of around $69,000 that was set in November 2021.

Karl expects that just as Dogecoin saw a major price rally after Bitcoin’s 2020 all-time high breakthrough, a similar phenomenon could play out if/when Bitcoin takes out its $69,000 record high. This leads Karl to conclude that Dogecoin is “on the trajectory for $1 and higher” price levels, mirroring the kind of explosive upside move it exhibited after Bitcoin’s previous record was broken in 2020.

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If Dogecoin were to rally from $0.17 to $1 as predicted by the analysts, that would represent an increase of approximately 488%.

The analysts did not provide any other specific details beyond their bold predictions about Dogecoin potentially hitting $1 by mid-April based on studying its historical price action in relation to Bitcoin’s movements.

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