Dogecoin has slowed after a significant parabolic run in recent weeks, prompting speculation about its near-term performance. However, given several positive developments surrounding the price, crypto analysts predict that another notable rebound may be in the works, potentially propelling the meme coin to a new all-time high.
A new all-time record on the way for Dogecoin?
Dogecoin’s potential to reach a new peak in the ongoing bull market cycle has gained strong optimism and confidence within the crypto community as many predictions about the long-awaited rally emerge quickly. One of the most recent predictions comes from Trader Tardigrade, a market expert and investor who has done just that hinted with a looming 200% spike for DOGE in the coming weeks.
Pointing to strong technical indicators such as the Relative Strength Index (RSI), Trader Tardigrade foresees a significant uptrend for Dogecoin, leading to a new all-time high. His prediction underlines the changing market dynamics, with retail and institutional players adjusting their positions in anticipation of future price growth.
According to the market expert, this key indicator, which tracks the momentum of a crypto asset, has risen from the Oversold Zone on DOGE’s 4-hour chart. This upward move indicates bullish momentum as a dog theme same angle is aimed at recovering several crucial price levels.
It is important to note that Dogecoin witnessed a 40% and 200% surge following recent RSI gains from the same oversold zone. Meanwhile, the intensity of the pump is currently increasing even more, which indicates a much bigger rally could be in store.
As a result, Trader Tardigrade is confident that Dogecoin could experience a massive spike of 200% and more, which would ultimately result in a new all-time record for the meme coin, with the expert placing the next target at the $1.15 milestone.
As the recovery of the RSI signals a revival of buying interest in the market, potentially leading to further price growth, traders and investors are currently monitoring confirmation of a trend reversal to reassess their portfolios.
DOGE is ready for another big rally
Another critical technical indicator Trader Tardigrade cited suggesting further upward movement for Dogecoin is the Moving Average Convergence Divergence (MACD). In concrete terms, this measure helps identify market trends, momentum and possible entry or exit points.
After investigation DOGEFollowing the recent price action, especially on the 4-hour time frame, Trader Tardigrade highlighted that a Golden Cross signal has emerged from below the MACD zero line.
Typically, a Golden Cross signal occurs when a short-term moving average rises above a long-term moving average, implying a shift in market momentum toward a favorable direction. This development is important because it could cause another huge bull run for the meme coin if the trend continues in the coming days.
Featured image from Unsplash, chart from Tradingview.com