A crypto market analyst from the Excessive Altitude Investing YouTube channel believes Dogecoin is making ready for a major upside transfer. In a video posted April 17, he outlined each short-term technical indicators and a long-range worth thesis. On the time of the video, DOGE was buying and selling at $0.10.
The analyst’s case is constructed on a number of timeframes. He argues that Dogecoin’s present correction is over and {that a} strong bullish move is imminent.
Quick-Time period Signals Level to a Breakout
The speedy case facilities on two technical developments. On the day by day chart, the analyst recognized a accomplished ABC correction, a basic Elliott Wave construction marking the tip of a pullback. He paired this with bullish MACD divergence, describing the mixture as a powerful purchase sign for near-term merchants.
On the 45-minute chart, he pointed to a triangle sample that Dogecoin recently broke above. He referred to as this breakout a “tremendous good sign,” suggesting the coin is starting a short-term climb. Collectively, these indicators type what he considers a transparent setup for upside momentum throughout a number of timeframes.
He additionally referenced the 10-day candle chart. On this scale, DOGE reveals deeply oversold MACD situations, a setup he in comparison with a previous low that preceded a large rally. In his view, this confirms the short-term indicators and strengthens the broader case for a transfer larger.
On the time of writing, Dogecoin is trading at round $0.09594, down 4.86% within the final 24 hours.
A Fractal Sample Shared by Bitcoin and XRP
The bigger thesis rests on a fractal argument. The analyst contends that Dogecoin is tracing the identical chart sample that Bitcoin adopted earlier than its explosive 2021 rally. The construction entails an preliminary surge, a steep correction, a secondary rally, and one other pullback, all previous a a lot bigger advance.
He prolonged this comparability to XRP, noting the token adopted the identical sample earlier than its 2024 breakout. In line with the analyst, this sequence just isn’t distinctive to any single asset. It’s a recurring construction in crypto markets, and he believes Dogecoin is now on the similar stage Bitcoin and XRP had been at earlier than their main strikes.
“Not solely Dogecoin, however Bitcoin and XRP have all executed the identical actual sample earlier than,” he stated. This cross-asset comparability kinds the spine of his long-term worth targets.
Utilizing Fibonacci extensions and mapping Dogecoin’s structure towards Bitcoin’s prior cycle, the analyst projected that DOGE may attain the three.618 extension, a degree he positioned above $2. Extra aggressive extensions, together with the 5.618 and 6.618 ranges, level to a variety of $3 to $5 over the long term. He acknowledged these figures would “blow folks away,” however maintained they’re lifelike inside a broader bull cycle.
