This Textbook Accumulation Cylinder Says Dogecoin Price Is Headed Above $3.2 | Bitcoinist.com

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Crypto analyst Crypto Bullet has revealed a bullish pattern for the Dogecoin price, which could send the meme coin above $3.2. The analyst also provided a timeline for when the foremost meme coin could reach this price target

Dogecoin Price Eyes Rally Above $3.2 As Textbook Accumulation Cylinder Forms

In an X post, Crypto Bullet revealed that the Dogecoin price has printed a textbook accumulation cylinder, which provides a bullish outlook for the foremost meme coin. His accompanying chart showed that DOGE could rally above $3.2, marking a new all-time high (ATH) for the meme coin

Related Reading: Has The Dogecoin Price Already Topped? Indicator That Predicted Previous Tops Show WhenThe crypto analyst stated that based on this bullish pattern, the Dogecoin price rally to this target should start in the next few months. He added that the catalyst for this price surge is unknown, but affirmed that something interesting is coming. Crypto Bullet also noted that BTC dominance is topping out and that this could be the perfect recipe for a DOGE pump

Source: Crypto Bullet on XCrypto analyst Kevin Capital recently suggested that a potential monetary easing policy from the Federal Reserve could be what sparks the next bull run for the Dogecoin price. He highlighted the fact that the Fed is projected to cut interest rates in June. The analyst expects DOGE to surge as this increasing money supply flows into the meme coin

Interestingly, June is also the timeline crypto analyst Master Kenobi provided for when the Dogecoin price could reach a new ATH. He predicted that DOGE would rally to as high as $0.9 during this period. Meanwhile, the analyst warned that it is still uncertain whether the meme coin will break past the psychological $1 price level

Update On DOGE’s Price Action

In an X post, Kevin Capital provided an update on the current Dogecoin price action. He noted that DOGE has held the macro .382 and the macro down-trending support at around $0.14. He further remarked that the monthly super trend has not yet gone vertical in this cycle. The monthly Relative Strength Index (RSI) is also at the same level it was at when the meme coin was at $0.11, with much room to rally to the upside

Related Reading: Dogecoin Price Breaks Resistance Trendline That Could Trigger Breakout Above $1The analyst stated that, with the market entering the easing phase of the monetary cycle, he expects Bitcoin’s dominance to reach a macro top in the summer. Kevin Capital predicts that altcoins, especially the Dogecoin price, will then witness a massive surge once this happens. He urged market participants to ignore the short-term noise and focus on the long-term trajectory

At the time of writing, the Dogecoin price is trading at around $0.18, up 3% in the last 24 hours, according to data from CoinMarketCap.

DOGE trading at $0.18 on the 1D chart | Source: DOGEUSDT on Tradingview.comFeatured image from Getty Images, chart from Tradingview.com Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.