In his newest YouTube video posted on December 6, the analyst behind the favored Cilinix Crypto channel shared an upbeat outlook for the meme-inspired cryptocurrency Dogecoin.
The analyst pointed to Dogecoin’s (DOGE) current technical breakout above key resistance ranges close to 9.4-9.5 cents as a bullish sign that might propel the token in direction of additional upside near-term.
[DOGE] broke above this important resistance degree proper right here at 9.4, 9.5. That was our first take revenue. That was additionally my value goal, as I stated in my earlier movies, broke above that simply. Additionally broke above 10 cents. So simply technically, it seems probably as effectively that it’s going to proceed rallying up.
The analyst believes the cryptocurrency market is presently in an early stage bull cycle, with cash starting to rotate into meme cash like Dogecoin after flowing first into leaders like Bitcoin (BTC) and Ethereum (ETH).
Often what occurs when bullish momentum comes into the markets is Bitcoin goes first, then Ethereum follows just a little bit. Proper now, you see that massive narratives additionally do very effectively. So AI and gaming, and so on. After which at some stage in time, the meme cash observe, all proper? In order that’s what you see proper now. Shiba Inu can also be comparatively bullish proper now.
With Dogecoin rallying, the analyst thinks there may be elevated potential for high-profile supporters like Elon Musk to tweet about it.
If Dogecoin turns into bullish, will probably be extra hyped. If it’s extra hyped, there’s a better likelihood that Elon Musk tweets about it. And if there’s a better likelihood that Elon Musk tweets about it, or one thing occurs with it relating to Tesla, Twitter, no matter, then the value will get extra bullish once more. So there’s this cycle for Dogecoin as effectively, which simply makes the potential nice.
Primarily based on the token’s technical energy and supportive fundamentals, the analyst expects Dogecoin will proceed advancing in direction of his subsequent value targets between 11 and 11.5 cents. Nevertheless, he cautions that Dogecoin stays extremely correlated with Bitcoin, so a sudden drop in Bitcoin might drag Dogecoin again down as effectively.
The analyst disclosed he and his sign group took an extended place on Dogecoin round 8.7 cents, which has confirmed worthwhile to date. He says he’ll proceed monitoring the scenario and supply updates if the outlook modifications. However for now, his base case predicts additional upside for the distinguished meme coin.