Dogecoin (DOGE) has recently indicated the likelihood of a bullish breakout, as various analysts forecast a strong increase to the price of the meme cryptocurrency. The popular meme coin recently jumped by 4.7%, trading at $0.1618. Under its existing trajectory, it is on track to increase to $0.90! The extreme bullishness behind this forecast translates to a 501.60% surge from $0.00560, which has piqued the interest of investors and traders alike. The analysis, posted on X and backed up by extensive technical chart analysis, points to a similar repeating pattern in Dogecoin’s price action.

Current Market Position

Right now, Dogecoin is at playing at a pivotal point, fighting under the 50-day simple moving average (SMA). Regardless of this rejection, the crypto asset is still showing strength by establishing a series of higher lows around the $0.147–$0.152 demand zone. This bullish price action forms the setup for a continuation rally towards the $0.17-$0.18 area – pointing to a short-term bullish outlook.

Dogecoin had already shown what it’s capable of when it exploded in May after breaking above a thick consolidation range. This breakout resulted in a rally to just below $0.43, a full 501% rally, before pulling back to around $0.13. This precedent price action adds further credence to the analyst’s prediction of another such explosion in the near future.

Analyst Predictions

The analyst’s prediction, made public over on X, comes from his technical analysis of a chart focusing on an expected range from Q2 2024 through Q2 2025. The chart above shows Dogecoin too went through two such push-pull stretches of bullish price shimmer for 129 days. Details of this analysis show Dogecoin set to duplicate its former greatness, trending toward a price of $0.90 over the course of the projected period.

Traders should keep an eye on Dogecoin, specifically to see what direction it takes. Those buying long at $0.166 can target first on $0.18-$0.20 in the near term which is a potential profit-taking prospect. That doesn’t mean traders should dive in head first. Traders must always be on guard and practice risk management considering the volatility that comes with the crypto market.

Market Outlook

Dogecoin’s huge jump of 4.7% in 24 hours on April 21st has added to the bullish excitement among social investors. The bullish pattern observed in Dogecoin's price action hints at a potential breakout of $0.90, aligning with the analyst's predictions. Moreover, Dogecoin price is treading under the 50-day SMA. Its power to keep forming higher lows around the demand zone is a testament to the underlying momentum.