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Dogecoin Price Confirming Final Retest, Here Are The Levels To Watch For A Bullish Breakout
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Dogecoin Price Confirming Final Retest, Here Are The Levels To Watch For A Bullish Breakout

Scott Matherson
Scott Matherson
3 months ago
3 mins read
Dogecoin

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Crypto analyst Basic Trading has revealed that the Dogecoin price is confirming a final retest before a potential move to the upside. In line with this, he revealed price levels to watch for as DOGE eyes a bullish breakout. 

Levels To Watch For As Dogecoin Price Confirms Final Retest

In a TradingView post, Basic Trading highlighted $0.2, $0.5, and $5 as the levels to watch out for as the Dogecoin price confirms a final retest. This came as the analyst noted that market participants are about to witness a textbook ‘break and retest’ for Dogecoin. Alluding to the monthly chart, the analyst said that DOGE is obviously in an upward trend despite recent corrections. 

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Basic Trading also remarked that the Dogecoin price has seen the expected correction of about 50% following its textbook retest of the previous all-time high about three months ago. The analyst is confident that the foremost meme coin is about to confirm the bullish break and retest, which would eventually lead to a parabolic rally and new highs. 

Dogecoin
DOGE confirms final retest | Source: Basic Trading on Tradingview

He predicts that DOGE will witness significant buy pressure, pushing the Dogecoin price to its current local high of around $0.5. This potential breakout would pave the way for a rally to a new ATH. Basic Trading believes that the foremost meme coin can rally to as high as $5 because of its performance in previous cycles. 

The analyst noted that the Dogecoin price enjoyed an 8,000% gain in the 2017 bull cycle and a 50,000% in the 2021 cycle. As such, he believes the $5 price level is a conservative target for DOGE in this bull run. Crypto analyst Dima Potts also recently predicted that Dogecoin could reach $10 in this cycle as it is mirroring a similar pattern from the 2017 bull cycle. 

$3 Remains A Strong Possibility For DOGE

In an X post, crypto analyst Ali Martinez revealed how the Dogecoin price could rally to as high as $3 in this market cycle. He noted that the most critical support zone for DOGE is between $0.19 and $0.16. According to him, if this level holds, the $3 target remains a strong possibility for the foremost meme coin. 

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Crypto analyst Trader Tardigrade also provided a bullish outlook for the Dogecoin price. In an X post, he stated that DOGE’s macro chart is showing a similar price pattern. The analyst remarked that if it mirrors the 2017 moves, DOGE could soon experience another massive surge. His accompanying chart showed that the meme coin could reach $1.7 when this massive surge happens. 

At the time of writing, the Dogecoin price is trading at around $0.25, down in the last 24 hours, according to data from CoinMarketCap.

Dogecoin
DOGE trading at $0.24 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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