A recent technical analysis by crypto analyst JD predicts an impending major breakout for Dogecoin’s price over 2024. Despite lackluster price performance recently, JD remains highly bullish on DOGE based on analysis of key indicators on the monthly chart.
Specifically, JD points to bullish crosses on the MACD momentum indicator that preceded massive 62x and 370x rallies for DOGE in 2017 and 2021. With the MACD crossover happening again, history may repeat itself.
Additionally, DOGE has broken out above a multi-year downtrend line which is another bullish signal.
The one indicator not yet confirmed is the ASO momentum crossover. But JD notes the ASO lines have been converging over the past two years and are nearing a bullish crossover as well. Once the ASO confirms, the analysis predicts DOGE could rise 100x or more to over $9 per coin and set new all-time highs.
JD cautions against short-term thinking, advising investors to zoom out and look at the weekly/monthly picture.
He remains adamant that “the move that is coming” for DOGE will be monumental based on historical price action following these key indicator crosses. If the analysis proves correct, 2024 could see Dogecoin stage its biggest breakout yet.
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