Crypto analyst Trader Tardigrade has provided insights into the current Dogecoin price action. The analyst revealed that Dogecoin is currently stuck in a range amid the recent crypto market crash and suggested what could happen if the foremost meme coin breaks out of this range.
Dogecoin Price Stuck In A Range, What Could Happen Next?
In an X post, Trader Tardigrade stated that the Dogecoin price is moving in a range. The analyst added that a breakout of the range could continue the DOGE uptrend. The analyst’s accompanying chart showed that Dogecoin could finally reach the much-anticipated $1 psychological price level when this uptrend continues.
This will mark a new all-time high (ATH) for the Dogecoin price, whose current ATH is at around $0.73. The chart also showed that this projected rally to $1 could happen before the year ends. This will undoubtedly cap a perfect ending to the year for Dogecoin, which has already enjoyed a year-to-date (YTD) gain of over 245%.
In an X post, the crypto analyst explained why a bullish reversal could be imminent for the Dogecoin price. He stated that Dogecoin’s daily Relative Strength Index (RSI) has fallen back to a potential rebound zone. The analyst further noted that at this RSI level, DOGE hit a local bottom at $0.095 earlier in September, followed by a parabolic rally to $0.48. If the foremost meme coin were to replicate this price gain, then it could reach $1.35 from its current level.
Trader Tardigrade continues to provide a bullish outlook for the Dogecoin price. In another X post, he stated that Dogecoin’s surge in every cycle follows a two-step jump fashion. In line with this, the crypto analyst stated that the reasonable projection for the Dogecoin top in this market cycle is between $3 and $4.
An Analysis Of DOGE’s Price Correction
In an X post, crypto analyst Kevin Capital provided an in-depth analysis of the Dogecoin price correction, which has extended for over a month. The analyst noted that Dogecoin had the weekly golden cross towards the election period but never experienced a pullback as it did in the 2021 bull run when this weekly golden cross happened.
Kevin Capital believes that the current pullback is the one that the Dogecoin price should have witnessed back then, which is common when they receive these golden crosses. The analyst further noted that Dogecoin recorded three 50% corrections in the last bull run on its way to a cycle top.
As such, historically, the crypto analyst stated that if the Dogecoin price taps the macro structured support and the macro golden pocket, that would represent about a 45% correction and would just be enough for DOGE to resume its uptrend. The analyst added that he would only start to worry if Dogecoin loses the $0.26 level on a weekly close.
At the time of writing, the Dogecoin price is trading at around $0.30, down over 14% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
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