Crypto analyst Rekt Capital has provided insights into the current Dogecoin price action. Based on his analysis, the meme coin could rally into the highs of the $0.2 range but needs to hold a critical level for this to happen.
Dogecoin Eyes Rally To $0.27 As It Closes Above Pre-Halving Highs
In an X post, Rekt Capital revealed that the Dogecoin price has recorded a weekly close above the pre-halving highs. He added that the meme coin is now on the cusp of reclaiming its old resistance as new support and has already shown signs of this on the daily chart. The analyst then remarked that DOGE could rally to $0.27 next if it holds above the $0.20 resistance.
In a subsequent analysis, Rekt Capital again mentioned that the Dogecoin price could rally to $0.27 if it holds that old resistance as support. He also noted that DOGE is now performing that key retest of pre-halving resistance into new support. Crypto analyst Ali Martinez also commented on the current price action, stating that the meme coin has reached a crucial resistance area.
Based on this, the Dogecoin price risks witnessing a significant correction. However, crypto analyst Master Kenobi has suggested that the meme coin could sustain this bullish momentum and rally to new highs. In an X post, he stated that he expects DOGE to experience a massive pump in the next five to six days, potentially hitting a new all-time high (ATH) by the end of the week.
In an earlier post, Master Kenobi predicted that the Dogecoin price could reach $1 by June. He made this prediction while alluding to the 2017 bull run and how long DOGE’s pump in the second phase of that bull run lasted.
DOGE To Rally To $0.37 After Breakout Above Resistance Level
In an X post, crypto analyst Trader Tardigrade indicated that the Dogecoin price could rally to $0.37 after it breaks out from the current resistance level. He revealed that a new bull pennant has been established on DOGE’s 4-hour chart and that the target for this pattern is $0.37.
In another X post, he asserted that the Dogecoin price remains bullish. He highlighted a “beautiful” inverse head and shoulders pattern breakout, retest, and trend continuation on the lower timeframe. His accompanying chart showed that the meme coin is set to witness an uptrend continuation above $0.24.
Meanwhile, he echoed Master Kenobi’s prediction, alluding to the Dogecoin price’s journey to $1. This came as he revealed that a weekly MACD bullish crossover has just happened for the meme coin.
At the time of writing, the Dogecoin price is trading at around $0.22, down over 7% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
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