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    Crypto Expert Predicts Dogecoin Surge To $0.68 After Accurate Bitcoin Crash Prediction

    Image Source: Jiri Hera / Shutterstock

    Currently, Dogecoin is trading at $0.14, but analysts predict that this may not last. A crypto analyst has suggested that technical analysis points to Dogecoin preparing for a surge toward $0.68. This optimistic perspective on the leading meme coin comes as activity within its ecosystem increases, indicating a significant price shift could be imminent.

    In a technical analysis, crypto analyst Dave The Wave utilized various indicators, including the Fibonacci retracement, to conclude that Dogecoin is currently exhibiting bullish behavior and is poised to challenge its previous all-time high.

    Dogecoin Price Action Exhibits Bullish Signs

    Dave the Wave, recognized in the crypto community for his successful prediction of the Bitcoin crash during the bullish trend of 2021, recently shared his analysis of Dogecoin’s price movements on the social media platform X. His insights have gained traction among followers who value his market expertise based on past predictions.

    His analysis is grounded in Dogecoin’s performance within a daily candlestick timeframe. He identified that DOGE seems ready for a breakout from an ascending triangle pattern, following its successful exit from a descending triangle shape earlier this month.

    Since that breakout, Dogecoin has consistently moved upwards and has seen a steady increase in its value. The meme coin is currently retesting a resistance level that corresponds with the peak of a newly established ascending triangle.

    From this price action, Dave the Wave has a positive forecast for Dogecoin. To provide a basis for his prediction, he applied the Fibonacci retracement tool to pinpoint a potential price target. He noted the 0% Fibonacci retracement level, derived from DOGE’s 2021 all-time high, which points toward a final target of approximately $0.687. Achieving this target would indicate a price increase of about 725% from the breakout point of the descending triangle pattern.

    Can DOGE Reach a New All-Time High?

    While technical analysis appears promising, the path to a new all-time high for Dogecoin will not be without obstacles. One of the main challenges involves significant resistance zones. Dave the Wave pointed out key resistances at the 2024 high of $0.22 and an additional resistance at $0.32, both of which could impede Dogecoin’s upward progress.

    As of now, Dogecoin is hovering around $0.14, having seen a decline of approximately 3% in market value within the last 24 hours. DOGE has encountered multiple rejections while trying to surpass $0.148 during the past 48 hours. This price point has now emerged as the immediate resistance that Dogecoin needs to overcome to aim for more significant levels.

    Image Source: Jiri Hera / Shutterstock

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