Dogecoin Price Stuck In A Range, What Could Happen Next?

Crypto analyst Trader Tardigrade has provided insights into the current Dogecoin price action. The analyst revealed that Dogecoin is currently stuck in a range

Dogecoin price has had a roller-coaster ride this year, reaching new all-time highs (ATHs) in April and May before crashing down to its current level. Despite the recent downturn, some analysts remain bullish on DOGE, predicting that it could still reach $1 by the end of the year.

In a recent analysis, crypto analyst Trader Tardigrade revealed that Dogecoin is currently trading within a range. According to the analyst, a breakout from this range could continue the DOGE uptrend, finally leading it to the much-anticipated $1 psychological price level.

This will mark a new ATH for the Dogecoin price, whose current ATH is at around $0.73. The chart also showed that this projected rally to $1 could happen before the year ends, capping a perfect ending to the year for Dogecoin, which has already enjoyed a year-to-date (YTD) gain of over 245%.

In another analysis, Tardigardi explained why a bullish reversal could be imminent for the Dogecoin price. According to the analyst, Dogecoin’s daily Relative Strength Index (RSI) has fallen back to a potential rebound zone. At this RSI level, DOGE hit a local bottom at $0.095 earlier in September, which was followed by a parabolic rally to $0.48. If the foremost meme coin were to replicate this price gain, then it could reach $1.35 from its current level.

Trader Tardigrade continues to provide a bullish outlook for the Dogecoin price. In another analysis, the analyst stated that DOGE’s surge in every cycle follows a two-step jump fashion. In line with this, the crypto analyst stated that the reasonable projection for the Dogecoin top in this market cycle is between $3 and $4.

An Analysis Of DOGE’s Price Correction

In another analysis, crypto analyst Kevin Capital provided an in-depth analysis of the Dogecoin price correction, which has extended for over a month. According to the analyst, Dogecoin had the weekly golden cross towards the election period but never experienced a pullback as it did in the 2021 bull run when this weekly golden cross happened.

Capital believes that the current pullback is the one that the Dogecoin price should have witnessed back then, which is common when they receive these golden crosses. The analyst went on to state that Dogecoin recorded three 50% corrections in the last bull run on its way to a cycle top.

As such, historically, if the Dogecoin price taps the macro structured support and the macro golden pocket, that would represent about a 45% correction and would just be enough for DOGE to resume its uptrend. The analyst added that he would only start to worry if Dogecoin loses the $0.26 level on a weekly close.

At the time of writing, the Dogecoin price is trading at around $0.30, down over 14% in the last 24 hours, according to data from CoinMarketCap.