The Dogecoin (DOGE) price is probing for a major bullish breakout that could trigger a 40% upside explosion.
DOGE was last changing hands around $0.13. That’s just below its 200 and close to a downtrend that has been in play since late March.
A break to the north of this downtrend and above the 200DMA would signal a near-term bullish bias.
The Dogecoin price could even explode all the way back to its yearly highs close to $0.23.
The first bullish target for the Dogecoin price would be a retest of May highs above $0.17.
That could mean swift gains of 40%. But some bulls will target a 75% rally to March highs near $0.23.
Dogecoin Price Could Hit $1, But This Alternative Could Post Better Gains
A recovery to yearly highs near $0.23 could be just the start of a longer-term bullish trend.
With many predicting that Bitcoin (BTC) can hit $100,000 this year on Fed rate cuts and positive political developments in the US that spur adoption, Dogecoin could go well beyond $0.23.
We're exiting the Bear Trap
Prepare for 100K #Bitcoin pic.twitter.com/G0fcOjtRn7
— Thomas | heyapollo.com (@thomas_fahrer) July 26, 2024
Dogecoin advocates were waiting for DOGE to hit $1.0 in 2021.
While that milestone wasn’t reached back then, the Dogecoin price could hit $1 later this year or in 2025.
So, Dogecoin could have gains of 6-8x left in the tank.
That’s not bad, although many crypto investors are hunting much bigger gains.
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