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A prominent analyst has shared a bullish price development on Dogecoin after a resistance moving average breakout, predicting its possible target.
Dogecoin has outpaced other high-caliber assets in the past 24 hours amid bullish ecosystem development and momentum from a broader market recovery. The doggy-themed meme coin has surged 5.30% within this period, with Cardano (2.73%) and Shiba Inu ($2.45%) the only assets that come close to the gains in the top 20 rankings by market cap.
Notably, the surge coincided with a recent announcement from the House of Doge, Dogecoin Foundation’s corporate arm, that it has established an official DOGE reserve. The firm launched the reserve with an initial 10 million DOGE purchase, pledging to stack more of the meme coin in the coming weeks.
Meanwhile, Dogecoin’s recent surge has seen it cross a crucial resistance zone, kickstarting what an analyst describes as a “heist” on the DOGE/USDT market.
Analyst Dissects Heist Plans
In a TradingView analysis on March 24, pseudonymous market watcher Thief Trader identified a bullish price development on the Dogecoin 2-hour time frame. The commentator stated that DOGE gained momentum after a northward trajectory from its accumulation zone.
Furthermore, the leading meme coin has defied a dynamic resistance moving average (MA), a possible catalyst for further price upsides. Having turned the indicator to a support area, the analyst asserted a surge to the next supply zone.
For the heist setup, Thief Trader recommended immediate entry but using the 15 or 30-minute timeframe for a sniper buy limit. Furthermore, he set his stop loss at $0.16, an area below the MA trendline, but advised trader discretion based on risk and reward appetite.
Meanwhile, he speculated an 18% surge from the current market price to $0.22. He identified that the price level lies at the average true range (ATR) line, which specifies an area marked with strong resistance and liquidity zones.
Correlating Analysis
Interestingly, the Thief Trader’s commentary correlates with a recent analysis by prominent market watcher, Ali Martinez. In a recent post, he also asserted that Dogecoin has broken from an inverted descending triangle on the hourly timeframe and looks to sustain momentum.
Martinez also predicted a 16% surge from the break point, which could see Dogecoin cross the $0.200 price mark. Notably, the market expert has made more bullish price calls for DOGE, including an ambitious surge to $20.
At the time of writing, Dogecoin trades at $0.1856, up a mild 2% since today.