A hidden Bullish Divergence pattern has just been identified on the Dogecoin price chart, signaling possibilities of a big uptrend. With this latest technical pattern, a crypto analyst has projected a goal of $0.7 for the Dogecoin price.
Bullish Divergence Hint At Dogecoin Price Surge
On November 20, crypto analyst Trader Tardigrade on X (formerly Twitter) announced the looks of a hidden bullish divergence on the Dogecoin 4-hour Relative Strength Index (RSI) chart. Based on this unique technical indicator, the analyst’s Dogecoin price evaluation suggests that the meme coin could also be gearing up for a big rally to the upside.
Typically, an RSI hidden bullish divergence occurs when the worth of a cryptocurrency forms higher lows while its RSI forms lower lows. This means that despite Dogecoin’s RSI showcasing declining momentum, its price remains to be maintaining strength, suggesting a better potential for an uptrend continuation.
Recently, the Dogecoin price has been on a major bullish run, because it skyrocketed from above $0.1 to over $0.35 in only a number of weeks. This impressive rally has allowed the favored meme coin to test the $0.4 resistance level, a critical threshold that might trigger a big rally for the Dogecoin price.
Based on Trader Tardigrade’s Dogecoin chart, the RSI Hidden Bullish Divergence could be seen forming at across the $0.37 price level. The analyst has set a bullish goal at $0.7 for Dogecoin, highlighting a gradual but continuous growth from its current price if it will possibly maintain positive momentum.
As of writing, the worth of Dogecoin is trading at $0.38, marking a 165.19% surge over the past month, in keeping with CoinMarketCap. Despite repeatedly failing to interrupt the $0.4 threshold, Dogecoin could see an 84.2% price increase from its current value if the projected positive growth driven by the Hidden Bullish Divergence holds valid. This may effectively push the meme coin near and even above it’s All-Time High (ATH) of $0.73 in May 2021 throughout the last bull market.
DOGE Targets Latest ATH
In one other X post, crypto analyst, Steph, has maintained an optimistic outlook on the Dogecoin price. Based on Steph, Dogecoin might be gearing up for a latest ATH this bull cycle.
The analyst shared a 2-year Dogecoin price chart, pinpointing a bullish goal between $1.4 and $1.8 for the meme coin. Following the goal’s position on the Dogecoin chart, the analyst suggests that this ATH rally could either happen before the top of 2024 or in 2025.
Based on current market trends, this massive price surge to a latest ATH might be potentially driven by Elon Musk’s influence through his newly proposed organization, the Department of Government Efficiency (D.O.G.E). Moreover, Donald Trump’s upcoming inauguration because the forty seventh United States (US) President could also function a robust catalyst that might propel the Dogecoin price higher.
