The Dogecoin price is once again in the spotlight, stirring up bullish excitement as a crypto analyst predicts a potential 58% upside move in the near term. After bouncing off key support zones, the analyst forecasts that a successful breakout above critical resistance levels could propel the altcoin to a new price high.
Dogecoin Price Roadmap To Explosive 58% Rally
X (formerly Twitter) Crypto analyst, Dariusz Kowalczyk, reports that Dogecoin is now showing signs of a potential breakout, following its recent rebound from a critical support level near the $0.14-$0.15 range. This level had previously acted as a strong floor during downward moves. After its bounce from this range, DOGE’s price now sits around $0.165, signaling a possible end to its prolonged downtrend.
Market data from the analyst’s daily chart shows early signs of a bullish reversal pattern forming. Dogecoin’s price action on the chart also highlights a shift in momentum, with buyers stepping in after an extended decline from the early June highs.
With Dogecoin’s structure now suggesting a possible bullish setup, Kowalczyk predicts that the meme coin could surge to $0.26 if it can decisively break above the immediate resistance around $0.17. This would represent a gain of approximately 58.19% from current price levels.
Interestingly, the projected $0.26 target aligns with the peak levels reached during Dogecoin’s strong upward move in May, where its price faced heavy resistance and eventually reversed. Kowalczyk’s projected move is based on a measured bounce pattern, illustrated on the chart with a vertical arrow showing the range of $0.164 to $0.26, implying a gain of $0.0955 before the end of July.
Notably, this bullish thesis relies heavily on Dogecoin building enough momentum above the $0.16 mark and gaining enough strength to break above overhead resistance. If the price is rejected below the $0.17 resistance, this bullish setup could be invalidated, placing continued downward pressure on the meme coin.
Analyst Predicts Short-Term Dogecoin Price Target
In another X post, crypto market expert Bitguru reveals that Dogecoin is likely on a path to a price recovery after its recent rebound from a critical local low of $0.143. The analyst’s chart illustrates a sustained downtrend throughout June, with price action forming highs and lower lows. Following a brief consolidation phase near $0.204 earlier in the month, the meme coin resumed its decline, culminating in a major low around $0.143.
At the time of the analysis, DOGE was trading $0.1619, slightly below its current price of $0.165. The chart highlights that $0.163 is a key area of interest, which acts as a short-term resistance. Bitguru also notes that if buyers manage to reclaim this level, bullish momentum could build toward Dogecoin’s next immediate target of $0.172.
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
