Dogecoin (DOGE) Could Be Raring to Swing to Higher Prices

Meme coin Dogecoin (CRYPTO: DOGE) could be setting itself up for a swing to higher prices, according to a well-followed analyst who has identified a series of bullish confirmations on the asset’s chart.

What Happened: Momentum seems to be building on Dogecoin as the largest meme coin by market cap registered its third consecutive positive intraday close on Thursday.

Dogecoin has gained 8.55% in its current three-day run, which is also fueling optimism of further price gains. A recent analysis agrees with this escalating bullish price expectation, stressing that DOGE is ready for its next leg up.

"Good things take time," analyst Rekt Capital encouraged Dogecoin enthusiasts on X.

Good things take time

But the signs are there ✍️

(1/5)

— Rekt Capital (@rektcapital) May 25, 2024

However, he identified a series of positive developments on the Dogecoin chart that could bode well for an impending upward price acceleration. One of which is DOGE’s successful retest of a key support area.

An accompanying DOGE 1W chart shows that the meme coin rallied from a support at $0.231 last week to an intra-week high of $0.253 before shedding some of its gains.

On Monday, Dogecoin also retested the demand zone and received a notable lift, as it did the previous week.

With the support holding firm, Rekt Capital has identified the trend as positive for Dogecoin.

Moreover, the market watcher highlighted an early-stage higher low formation on the weekly timeframe with Monday’s downward wick. The candlestick pattern, in addition to the momentum from the successful support retest, formed the basis for the analyst’s suggestion of a sustained bullish price development.

He asserted that DOGE looks ready to curl up from here, providing possible price targets.

His chart shows two targets for Dogecoin if bullish momentum sustains. First, he highlighted a nearly 16% upsurge from the current market price to the resistance at $0.278, a price mark last seen in February.

Ultimately, DOGE would rally further to the second target at $0.338, a 41% strout from its current price. However, Rekt Capital warns of the importance of price stability, noting that realizing these targets depends on it.

"As long as price stays above Fib 0.382, we’re still good," he added.

Meanwhile, several other analyses have suggested higher prices for Dogecoin. The Crypto Basic recently reported on a commentary by Chris who predicts a rally to $1 amid a breakout from a long-standing resistance trendline.

Dogecoin's recent integration into the Solana (CRYPTO: SOL) ecosystem is also putting traders in a positive mood.

At the time of writing, DOGE is trading at $0.246.