Crypto analyst Kamran has raised the possibility of a 443% Dogecoin rally, providing a bullish outlook for the meme coin. This came as he noted that the meme coin has dropped to a historical macro support that has triggered explosive rallies in the past.
Dogecoin Eyes 443% Rally As The Meme Coin Reaches Macro Support
In an X post, Kamran shared an accompanying chart that showed that Dogecoin could rally 443% from its current level and climb above $0.45. He noted that DOGE is back at the $0.10 macro support, which is a level that has triggered exposive rallies before, making it a high-risk, high-reward zone to watch.
Crypto analyst Crypto Patel also recently highlighted this macro support level as a good buy-the-dip opportunity. He urged investors to slowly accumulate if Dogecoin drops to between $0.06 and $0.08, as they prepare for a potential rally to between $1 and $2, which would mark new all-time highs (ATHs) for the foremost meme coin.
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In the meantime, Dogecoin is at risk of a further decline as the broader crypto market, led by Bitcoin, crashes. Crypto prices have dropped in the last 24 hours on the back of new Trump tariffs, with the U.S. president announcing plans to increase the global tariff rate to 15% from 10%.
CoinGlass data shows that most crypto traders are currently more bearish than bullish on Dogecoin, with the long/short ratio at 0.8. Meanwhile, there has been a notable surge in activity in DOGE’s derivatives market. Trading volume has spiked by more than 40%, reaching $1.56 billion, while options trading volume and open interest have surged by 22% and 42%, respectively.
DOGE’s Momentum Is Weak At The Moment
In an X post, crypto analyst Trader Tardigrade stated that Dogecoin is holding a key trendline, but that momentum is weak. He noted that DOGE has tested the trendline for 6 consecutive daily candles and is still trying to break below it. For now, the meme coin is still holding above the descending trendline, and the structure remains bullish.
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Trader Tardigrade further remarked that Dogecoin’s price action looks to be running on fumes and that the price needs genuine buyers for the breakout to be legitimate. He urged market participants to watch for a volume spike and conviction candles. However, until then, the analyst stated that it is “hopeful thinking” as momentum remains weak. His accompanying chart showed that the foremost meme coin could rally to as high as $0.14 if it holds above this trendline.
At the time of writing, the Dogecoin price is trading at around $0.09275, down over 4% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com