This Crypto Trader Correctly Called Dogecoin Price Break Above $0.3 Back In October, The True Target Will Shock You

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As a seasoned researcher with years of experience in the crypto market under my belt, I find it intriguing to see such bullish predictions for Dogecoin (DOGE). Melika’s forecast of DOGE reaching $3.80 in the long term is quite ambitious, but considering the cup-and-handle pattern forming on its chart, it’s not entirely out of the realm of possibility.

Trader Melika accurately foresaw that the value of Dogecoin would surge to approximately $0.3 way back in October. Notably, this was just one of her predictions, as she also outlined higher potential prices for the prominent meme currency in both the near future and long run.

Dogecoin Price To Rise To $3.80 In The Long Term

In Melika’s TradingView post, she forecasted that Dogecoin’s value might increase to $3.80 over the long term. She made these predictions about potential prices back in October, basing them on the formation of a cup-and-handle pattern on Dogecoin’s graph. This is an optimistic pattern suggesting future growth after a period of consolidation, where the price increases following a phase of consolidation.

In October, Melika predicted that if the handle pattern is completed and rises, the Dogecoin price might hit $0.38 and $0.52 as short-term goals. He further stated that a breakout above the pattern’s upper line could suggest a long-term goal of around $3.80, which coincides with stronger resistance levels he pointed out on the chart.

In a recent update on the October post, Melika confirmed that the trade is still active and that the Dogecoin price is heading toward the target. As such, Dogecoin will likely rally to $0.52 soon enough and then $3.80 in the long term. 

Crypto expert Dima James recently pointed out a potential cup-and-handle pattern developing for DOGE, suggesting that the Dogecoin value could potentially reach $10. He emphasized that historically, the meme coin has exhibited this bullish pattern in every market cycle. Notably, Dogecoin surged by approximately 3,300% in 2016 and an impressive 12,000% in 2021 following the formation of this cup-and-handle pattern.

DOGE Completes First Weekly Golden Cross In Four Years

According to a self-proclaimed expert on X Kevin Capital who specializes in Dogecoin analysis, Dogecoin recently accomplished the traditional weekly “Golden Cross” pattern for the first time in four years. This means that the 50-day moving average (SMA) crossed above the 200-day SMA. The analyst suggests that this occurrence indicates a potential increase in Dogecoin’s price in the near future.

He went on to explain that when the Golden Cross occurred in 2020, the value of Dogecoin dropped for a brief period before reaching unprecedented peaks. Therefore, he advised investors to exercise some caution in the near future as Dogecoin might correct again, similar to what happened in 2020. Nevertheless, if Bitcoin continues its upward trajectory, then so will Dogecoin.

In a separate discussion, Kevin Capital expressed doubt about the possibility of Dogecoin reaching $3.90 during this market phase. However, he suggested that a price increase to $1.80 could be feasible, provided that Bitcoin performs well during this bull market.

Currently, the price of Dogecoin is approximately $0.28, representing a surge of more than 25% within the past day, as indicated by information from CoinMarketCap.

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2024-11-11 12:04