Dogecoin (DOGE) has gone up by nearly 3% in the past 24 hours as trading volumes have exploded by 57%.
One analyst shared four reasons why DOGE could be poised to deliver strong gains in the next few days amid the confluence of multiple bullish signals.
Trader KJThaLibra shared his thesis for DOGE on the TradingView website this week. To support his bullish Dogecoin price prediction, he first cited a bullish divergence in the daily Relative Strength Index (RSI).
This means that, even though the price has made lower lows, this momentum oscillator has made a higher low.
Moreover, the RSI has hit oversold and the price is about to tag its trend line resistance for a fourth time after coming out of this extremely bearish territory.
Finally, the price action made a higher low, marking the potential end of the downtrend.
These four reasons combined support a bullish DOGE price forecast with a preliminary price target of $0.40 for the meme coin.
Dogecoin Price Prediction: DOGE Could Hit $0.26 First After Bouncing Off Key Support
Looking at the daily chart, the price hit a key support and bounced off the $0.168 level five days ago and has gone up in three out of the past five days.
Now that the token has broken the $0.185 resistance, this level could act as support after a bullish move to the $0.21, which looks like the next plausible target for DOGE.
Meanwhile, a bullish breakout could propel the meme coin to $0.26 first before aiming for KJThaLibra’s mid-term target of $0.40.
Momentum indicators support a bullish Dogecoin price prediction as the RSI moved above the 14-day moving average while the MACD seems poised to cross above the signal line in the daily chart – also a buy signal.
A golden cross between the 9-day and 21-day EMA could provide confirmation of the beginning of a short-term uptrend. In the context of an overall market recovery, this implies that DOGE could make a higher high soon and confirms this trader’s view.
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