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The Dogecoin price is closing in on a critical technical trendline that could ignite its next major rally. After months of downward pressure, analysts are eyeing a possible breakout toward the long-awaited $1 target. $1 Dogecoin Price Target Closer Than Ever Crypto analyst Master Kenobi believes that the Dogecoin price could reach the highly coveted $1 target before the end of this market cycle. Based on his technical analysis, DOGE is once again mirroring a historical breakout pattern that previously led to an explosive surge in price. Related Reading: Is Shiba Inu On Track To Dethrone Dogecoin? Here’s What The Experts Say The analyst shared a Dogecoin price chart with two main sections highlighted. The first green box, between September to November 2024, shows a historical breakout that occurred after the meme coin broke above a critical descending trendline. Following this breakout, the price surged significantly over the next 55 days. Notably, the descending trendline has acted as a strong resistance for months. However, with Dogecoin’s momentum currently building, Master Kenobi believes that a strong breakout is imminent. Looking at DGOE’s price action, it appears the same conditions for its previous breakout are forming again. Master Kenobi’s technical analysis suggests that a breakout above the current descending resistance line could spark a similar rally, one that could potentially take Dogecoin from its current price of $0.158 to $0.9 or even $1. Such a move would represent a staggering gain of approximately 533%. Similar to past trends, Dogecoin’s current chart indicates a projected 55-day move following the breakout, with the green arrow and shaded box indicating a path to the conservative $0.9 target. This would place Dogecoin’s target window during the first few weeks of June, aligning closely with historical timelines from the last major breakout. Adding to the optimism, Dogecoin’s Relative Strength Index (RSI) currently sits around 43.35 — a level typically considered a neutral to oversold zone. The current descending resistance line has already been tested multiple times, meaning a clean daily close above it could spark Dogecoin’s next major rally. Dogecoin RSI Shifts From Bearish To Bullish Dogecoin is showing promising signs of a bullish reversal after a key breakout of a technical pattern on the 4-hour chart. According to a recent chart analysis by crypto analyst Trader Tardigrade, Dogecoin has exited a Falling Wedge formation and is preparing for an uptrend continuation. The breakout was confirmed as the RSI crossed above the 50 level, signaling a shift from bearish to bullish sentiment among traders. Related Reading: Bitcoin Dominates Q1: Altcoin Season Nowhere In Sight—Report Before the Falling Wedge breakout, Dogecoin had been trading in a downward channel, characterized by lower highs and lower lows. This pattern often precedes an upward price movement, and Dogecoin seems to be following through with this trend. As a result, the analysis suggests that Dogecoin could push toward stronger resistance levels in the short term. Featured image from Pexels, chart from TradingView
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Legendary Trader Peter Brandt Unveils End-of-Year Downside Price Targets for S&P 500, Bitcoin and Ethereum
Veteran trader Peter Brandt believes that risk assets such as the S&P 500, Bitcoin ( BTC ) and Ethereum ( ETH ) will see much lower levels by the end of the year. Starting with the US stock market, Brandt tells his 792,500 followers on the social media platform X that the S&P 500 looks bearish after breaching support at 5,800 and retesting the level as resistance. Brandt predicts that the S&P 500 will close the year slightly below 4,500 points. “The Red Dots are where I think we end the year in 2025.” Source: Peter Brandt/X As of Friday’s close, the S&P 500 is trading at 5,282. Looking at Bitcoin, Brandt sees BTC dropping to around the $50,000 price zone after violating a parabola that has kept Bitcoin bullish since 2023. “Not my opinion, but it is what the chart suggests as possible.” Source: Peter Brandt/X At time of writing, Bitcoin is trading for $85,280. Turning to Ethereum, Brandt predicts that ETH will plummet to around $600 by the end of the year. “ETHUSD” Source: Peter Brandt/X At time of writing, ETH is worth $1,616. As for gold, the trader thinks that the precious metal has more room to run to the upside this year. He shares a chart suggesting that gold has broken out of an ascending channel pattern and could hit prices close to $3,600. An ascending channel indicates that an asset is in an uptrend as it prints higher highs and higher lows. A channel breakout suggests that an asset is in the midst of a strong bull market. “Gold Finger, the market with the magic touch.” Source: Peter Brandt/X Gold is worth $3,327 as of Friday’s close. Follow us on X , Facebook and Telegram Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: DALLE3 The post Legendary Trader Peter Brandt Unveils End-of-Year Downside Price Targets for S&P 500, Bitcoin and Ethereum appeared first on The Daily Hodl . NewsBTC
Stay Ahead: Key Developments in the Cryptocurrency Market This Week
Key economic data will influence cryptocurrency market trends this week. Statements from Fed officials may signal upcoming monetary policy shifts. Continue Reading: Stay Ahead: Key Developments in the Cryptocurrency Market This Week The post Stay Ahead: Key Developments in the Cryptocurrency Market This Week appeared first on COINTURK NEWS . NewsBTC
