Meme Coin Dogecoin (DOGE) Is Poised for a Breakout to $0.29

Dogecoin (CRYPTO: DOGE) is showing signs of renewed momentum as analysts at Crypto777 predict a short-term rally for the meme coin, targeting a move towards $0.29.

This comes after a period of sideways trading and a correction that saw Dogecoin lose previous gains.

Dogecoin’s approach to the 20-day EMA could act as a support level, attracting buying interest and fueling a potential price rally towards $0.29. A successful bounce off the 20-day EMA would validate its significance as a support level.

However, a failure to hold the 20-day EMA could lead to further price declines, potentially testing the 50-day EMA or lower support levels, putting more pressure on the bears.

On-chain data from Unique users on-chain at 1 Million and Active addresses spiking by 400% over the last 30 days signals the potential for a

Dogecoin price rally.

Dogecoin price is currently trading at $0.10, down 0.23% in the past hour and up 1.08% in the past 24 hours, according to Benzinga Pro.

What Happened: Cryptocurrency analysts DOGECAPITAL and Trader Tardigrade remain optimistic in their prediction that Dogecoin can clinch $80, citing cyclical patterns from 2021.

DOGECAPITAL highlights the possibility of a 1-2-3 count, with the third wave potentially reaching 800% from the low, which aligns with the 418% move observed in 2021.

Trader Tardigrade also joins in, emphasizing the 418% rally that occurred from the March 2020 lows to the October 2021 highs.

suggesting that a similar move could propel Dogecoin to $80.

The cryptocurrency is known for its volatility, and its price could rise or fall sharply in a short period. Investors should carefully monitor the charts and use appropriate risk management techniques.