Bitcoin (BTC) has recently retested the upper border of an upward-sloping flag on the daily time frame. At the same time, Dogecoin (DOGE), the second-largest proof-of-work (PoW) secured digital asset and a leading meme coin, is preparing for a potential bullish breakout. DOGE has gained around 4 percent in the past 24 hours, trading at approximately $0.76 during the early Asian session. Additionally, the weekly Relative Strength Index (RSI) has climbed above 50 for the first time since the start of the year.
Dogecoin Price Targets for Relief Rally:
After a 30 percent rally in the past four weeks, Dogecoin has decisively broken out of a long-term triangle consolidation pattern, signaling the potential for further upward movement in the coming weeks. According to Crypto Kaleo, a prominent digital asset analyst, Dogecoin is well-positioned to reach 20 cents during this rally. However, he cautions that the $1 mark for Dogecoin may not be achievable until after 2024.
Crypto Kaleo anticipates that Dogecoin will first encounter a psychological resistance zone between 9 and 10 cents before progressing toward the following significant hurdle at 15 cents. It’s worth noting that the 20-cent target is based on Dogecoin’s performance relative to Bitcoin, underlining the importance of BTC’s price action for the meme coin.
The Dogecoin network boasts approximately 5.9 million non-zero addresses, facilitating roughly 174 million on-chain transactions. At the time of reporting, Dogecoin’s total hash rate stood at approximately 732.09 TH/s, with a mining difficulty of around 11.71 million. These metrics reflect the robustness and activity within the Dogecoin network.
In summary, Dogecoin is primed for a bullish breakout, with price targets set by analysts, but it’s important to note that reaching $1 may take some time. The performance of Bitcoin will also play a pivotal role in Dogecoin’s journey, and the meme coin’s network continues to display significant activity.
