Altcoin
Dogecoin Price Breakout From Robust Structure Zone Signals Sharp 50% Rise Above $0.33
Technical analysis shows that Dogecoin is looking to break out from a key structure zone near $0.26, which could cause a change in market momentum. This technical outlook comes amidst a bearish week for DOGE, which has seen it breaking below support levels and erasing its gains throughout January.
According to a technical analysis of the TradingView platform, Dogecoin is about to break out of a robust pattern that could send it on further price increases.
Breakout From Structure Zone, Dogecoin To Rise Above $0.33
Crypto analyst Klejdi Cuni highlighted on TradingView that Dogecoin has moved beyond a robust structure zone, which theoretically opens the door for further price gains. According to the analysis, which is based on DOGE’s price action on the 4-hour candlestick timeframe, the asset had been consolidating in a robust zone between February 5 and February 10 before eventually breaking out of the upper trendline of this zone.
Notably, this zone arose after the meme coin’s decline between February 1 and February 3, which saw it break below $0.22 for the first time since November 2024. This decline was then followed by a brief recovery before Dogecoin eventually settled and started consolidating between $0.23 and $0.26.
According to crypto analyst Klejdi Cuni, this consolidation zone was a robust one. At the time of his analysis, Dogecoin managed to break above the upper trendline of this robust zone, with the analyst noting that it looked solid and a breakout might be next.
However, Cuni cautioned that while Dogecoin has breached this key level, the breakout might not immediately follow through with strong upward momentum. He pointed out that a temporary pause is possible as investors await the testimony from Federal Reserve Chair Jerome Powell, which could influence broader market sentiment before Dogecoin’s next potential move.
Short-Term Price Targets And What Needs To Happen Next
The analyst identified price targets at $0.286, $0.311, and $0.335 after the breakout is confirmed. Breaking above these targets in quick succession will open up the stage for another strong move above $0.335. However, looking at these, they are short-term price targets for Dogecoin in light of a bearish price action in the past two weeks. DOGE had already even traded above these price targets throughout last month, but this is the reality now, given the decline since the beginning of February.
Despite the lack of immediate bullish momentum, Dogecoin has not entered a full-fledged bear market. Many investors are on standby and watching for signs of renewed strength before making their move.
Long-term bullish targets, including the widely speculated $2 level, are still in play as long as Dogecoin can hold above the strong support level at $0.2.
At the time of writing, DOGE is trading at $0.2536, down by 5.3% in the past 24 hours.
Featured image from iStock, chart from Tradingview.com
Dogecoin’s price is ambling toward the $0.29 mark after a previous correction that saw it erase its gains. While the broader trend for DOGE remains bearish, analysts are confident of a short-term rally to reclaim its one-month high.
Dogecoin Price Targets Breakout To $0.29
As bears stamp their authority in DOGE, there is rippling optimism that the dog-themed cryptocurrency could see a rally. According to an X post by Igor Bondarenko, Dogecoin’s price can go as high as $0.29 in the short term.
Bodarenko hinges his prediction on DOGE approaching its 20-day exponential moving average (EMA). As the dog-themed project inches toward the EMA, pundits say it may be a support level for traders entering the space.
On the flip side, a failure to break the EMA level could spell doom for the beleaguered asset. Per Bondarenko, Dogecoin prices may fall as low as $0.10 in the near future.
“A breakout could drive DOGE to $0.23 and $0.29,” said Bodarenko. “If rejected, a drop below $0.14 could send it to $0.10.
Long-term predictions for Dogecoin prices are fairly upbeat with one analyst predicting DOGE to hit $20 in the coming months. At the moment, Dogecoin price sits at $0.16 and has gained over 6% over the last 7 days.
On-chain Indicators Scream Promise For Dogecoin
While short-term technicals are predicting a small spike in Dogecoin’s value, on-chain indicators are pointing to a seismic leap. For one, DOGE address activity has soared to 1 million unique users with active addresses spiking by 400%.
Furthermore, fundamentals are indicating potential for a rally as high as $50. The filing of a DOGE ETF application by BlackRock may be the trigger for a seismic rally for the memecoin. Other institutional players are watching the space with keen interest as the assets move from memecoin to begin clutching at real-world applications.
Pseudonymous cryptocurrency analysts DOGECAPITAL and Trader Tardigrade remain optimistic in their prediction that DOGE can clinch $80, citing cyclical patterns from 2021.
“If historical trends repeat, Dogecoin is likely to begin its upward reversal soon, entering phase 2 of its parabolic rise,” said DOGECAPITAL
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The Cardano price is showing bullish signals as analysts identify a potential double-bottom pattern on its weekly chart. After a prolonged downtrend, the cryptocurrency has entered an accumulation phase, suggesting that selling pressure is easing while buyers begin stepping in. Analysts highlight $0.70 as a key support level, which, if maintained, could drive the altcoin price toward the $1.00 mark.
Cardano Price Forms Double Bottom Pattern, What’s Next?
According to analysts Crypto Lycus, the Cardano price is exhibiting signs of forming a double bottom pattern on the weekly chart. This technical formation typically indicates strong support and suggests a potential reversal from the prolonged bearish trend. The pattern reflects a period where the price has tested a lower boundary twice, signaling that buyers are stepping in at key support levels.
A breakout above $0.70 is crucial for ADA, as sustaining this level could provide the momentum needed for further upward movement. If buying pressure continues to build, the next target for the top altcoin would be the resistance at $1.00.
If ADA fails to hold above the support level, a retest of lower price zones between $0.50 and $0.40 remains a possibility. However, analysts suggest that the overall sentiment remains optimistic, with accumulation taking place at current levels.
ADA Breaks Out of Descending Wedge
Additionally, analyst AMCryptoAlex has identified a descending wedge breakout on the Cardano price chart, reinforcing bullish momentum. This pattern is often associated with a reversal, where a downward-sloping trendline meets a narrowing support base before an eventual breakout to the upside.
Following a prolonged consolidation, Cardano has successfully breached resistance, confirming a potential trend shift. The breakout has been accompanied by increased trading volume, further validating the move. Investors are closely watching whether the price can sustain this newfound strength or encounter resistance at higher levels.
If bullish momentum continues, the top altcoin may establish a new support base, paving the way for higher price targets.
Market Sentiment Remains Optimistic
Although most other cryptos are trading in a bearish territory dragged by changes in market trends Cardano has been relatively stable. Some of the altcoins have reversed lower in their gains, but ADA has remained rather resilient which signal massive investor interest.
Analysts note that the absence of heavy selling at the current prices indicates that buyers are holding on to their positions. Backing the bulls’ argument, ADA whales have remained confident by holding 40 million ADA. This large-scale purchase indicates that institutional investors are beginning to invest; this could indeed take the Cardano price to the $1 level that many expect.
Traders are watching $ 0.70 as the pivotal support level. Reaching and maintaining above it might comprise the Cardano price reaching the $1 mark. Further upward movement may be signified by a successful breach of this level, which will give conformation of a trend reversal.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto analyst Amonyx has predicted that the XRP price could reach as high as $20. The analyst alluded to the XRP ETFs, which could launch soon as the fundamentals that will spark such a parabolic rally for XRP.
XRP Price To Reach $20 With 18 ETFs On The Horizon
In an X post, Amonyx predicted that the XRP price could reach $20 while noting that eighteen XRP ETF filings have now been submitted to the US SEC. These include filings from asset managers such as Bitwise, Grayscale, 21Shares, Canary Capital, and WisdomTree, all of whom have filed to offer a Spot XRP ETF.
These XRP ETFs undoubtedly provide a bullish outlook for XRP, considering that these funds will drive institutional funds into the crypto’s ecosystem and ultimately spark a parabolic price surge, as Amonyx predicts.
A recent CoinGape market analysis also suggested that the Ripple price could rally to $20 if the US SEC approves the altcoin ETFs this year. The analysis indicated that approval of the ETFs could be a catalyst for XRP to break above the resistance levels at $5 and $10 as it rallies to this price target.
It is worth mentioning that crypto analyst Steph also recently predicted that XRP could reach $30. The analyst made this prediction based on historical patterns and technical indicators. He also revealed that the altcoin has broken above the neckline resistance, confirming a bullish double-bottom breakout.
Price Correction Is Over
In an X post, crypto analyst Dark Defender stated that the primary correction on the weekly, daily frame, and 4-hour structure is over for the XRP price. He warned that there would be more minor ups and downs but suggested that the worst was over. The analyst added that XRP has started Wave 1 with an aim of $5.85, which will mark a new all-time high (ATH) for the altcoin.
The analyst stated that the support levels are $2.30 and $2.22, while the major resistance levels are $3.39 and $5.85. He affirmed that the upcoming week would be fantastic, suggesting a price breakout could happen this week.
Crypto analyst CasiTrades highlighted $2.70 and $3.05 as resistance levels to watch. She remarked that the XRP price would need to break above these targets for confirmation of the next wave up.
Meanwhile, although the analyst admitted that the altcoin is holding strong at the $2.25 support level, she warned that a break below could cause XRP to touch the lower support at $1.90 or even drop further to as low as $1.54.
Despite this bullish outlook for XRP, legal expert Bill Morgan recently warned that the Ripple SEC case could still negatively impact the altcoin’s price. Without a settlement in place, the case could still create uncertainty, which would dampen investors’ confidence.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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