The post Dogecoin is About to Explode to $1—Can Shiba Inu & Pepe Attract Trader’s Attention Amid DOGE Price Rally? appeared first on Coinpedia Fintech News
The bulls have just showered their confidence in the XRP price rally, which broke the 6-year-long consolidation. Besides, the top two cryptos, Bitcoin & Ethereum, continue to juggle within a narrow range, probably due to a massive liquidity shift into the other tokens. One among them is Dogecoin, which showed huge strength in the past few days and is currently preparing for another bullish wave.
DOGE price broke the multi-year consolidation that held the levels largely below $0.15 and launched a 350% jump to mark the yearly highs at $0.48. Although the bulls seem to have halted a bit, they continue to maintain an ascending range, which suggests the top memecoin is preparing for the next bullish wave. With this, will the DOGE price reach $1 in 2025?
The long-term price action suggests the bulls are strengthening their position to trigger a 500% rise over the next few months. The price remains consolidated within a rising parallel channel, and the recent rise from the pattern could push the price towards the resistance. Besides, the RSI entered the overbought zone and turned flat. However, the possibility of a continued upswing remains elevated as long as RSI trades within the bullish range, with the target at $0.7 for 2024 and over $11 in 2025.
Besides, in the short term, the DOGE price is trading within a bull flag by maintaining a sustained rise within a pennant. With this, the price is expected to revamp a rise beyond $0.5, which may place the token at the edge of a massive explosion. A breakout from the range may trigger a 100% rise to mark $1, probably before the end of 2024 or in the first few days of 2025.
On the other hand, memecoins like SHIB, PEPE, FLOKI, etc. have been ranging within a rising pattern, and hence, after a breakout, the price could trigger a huge upswing, forming new highs.