Crypto analyst Olivier has provided a bullish outlook for the Dogecoin price amid the market downtrend, which has led to a massive decline for DOGE. The analyst predicts that the foremost meme coin could be gearing up for a 75% rally, which could send its price above $0.3.
Dogecoin Price Gears Up For 75% Rally If It Stays Inside This Channel
In an X post, crypto analyst Olivier predicted that the Dogecoin price could enjoy a 75% rally as long as it stays within a parallel channel, which he highlighted on his accompanying chart. Alluding to DOGE’s monthly chart, the analyst asserted that the trend for the foremost meme coin is clear as long as it stays inside the channel.
This 75% rally for the Dogecoin price could just be the start, as the analyst assured that the uptrend will resume above $0.3350. His accompanying chart showed that the foremost meme coin could rally to a new all-time high (ATH) and even hit $6 in this market cycle. Based on the chart, DOGE could also reach $30 as it rallies to the upper boundary of this channel.
In the meantime, as the analyst suggests, the Dogecoin price needs to hold above the lower boundary of this boundary. The accompanying chart shows that a break below $0.15 could invalidate this bullish setup for DOGE. Given the current downtrend in the broader crypto market, the foremost meme coin is still at risk of dropping to this price level.
Crypto analyst David Perk recently predicted that the Dogecoin price could crash further to $0.15. However, the analyst expects DOGE to bounce from that price level, which is still bullish for the meme coin. Staying above $0.15 still puts DOGE within this channel, which could send its price to new ATHs.
DOGE To $10 Still In Play
Meanwhile, amid the market downtrend, crypto analyst DOGECAPITAL has reaffirmed that the Dogecoin price could still rally to as high as $10 in this market cycle. The analyst highlighted the price action of the previous two cycles to explain why the meme coin could reach this level and even rally above it.
He indicated that the current price action was mirroring that of the previous two cycles and that the Dogecoin price was about to start the second phase of its parabolic rally. DOGECAPITAL expects DOGE to hold around $0.20 on the weekly timeframe.
The analyst added that once this consolidatioin is complete, Dogecoin could move towards $1.70. The rally to this level is then expected to pave the way for the third phase of the parabolic move which would send the foremost meme coin to $10 and above.
At the time of writing, the Dogecoin price is trading at around $0.2, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
