Dogecoin is believed to surge significantly in the ongoing market cycle to new levels due to past trends, with each cycle’s performance bigger than the previous one. As the community awaits the rally, a crypto analyst has highlighted several exit points for investors in order to prevent substantial losses.
Profit-Taking Zones For Dogecoin At Audacious Levels
With Dogecoin showcasing potential for a huge leg-up this bull cycle, determining an ideal entry and exit point is crucial to navigate incoming volatility. As a result, Trader Tardigrade, a market expert and trader, has offered investors critical navigation advice by outlining key profit-taking areas for DOGE.
This cautionary post comes in light of heightened attention toward Dogecoin among traders and investors, with its recent upside price momentum attracting large capital inflows. Furthermore, the robust optimism from these investors reinforces DOGE’s position as the leading meme coin in the crypto asset market.
Trader Tardigrade’s insights hinge on past cycle breakout, which caused a major rally to a market peak and a new all-time high for DOGE. Given the possibility of the trend repeating in this cycle, the market expert has placed his profit-taking zones for the meme coin between $10 and $30.
“According to the last cycle, this could suggest your target for DOGE in the current cycle,” he stated. Thus, Trader Tardigrade has urged investors to start collecting profits at the $10 price level while the rally progresses, indicating his confidence in the meme coin’s potential to hit between the $10 to $30 mark.
The expert’s belief in an impending major rally for Dogecoin is further bolstered by a record-breaking monthly close in November, sparking excitement and speculations about an extended bull run within the community.
In November, Dogecoin saw a huge candle that moved from a low of $0.142 to a high of $0.480, indicating a notable increase of more than 237% within the month alone. Due to this, Trader Tardigrader claims that the first candle of the bull rally has just been lit, underscoring a powerful start for the dog-themed meme coin.
DOGE Upside Momentum To Continue?
Dogecoin has been one of the best-performing digital assets in the current bull market. Over the past few weeks, DOGE has recorded significant gains, raising the possibility of more price growth.
Although the meme coin witnessed a drop to the $0.39 mark on Monday, it has begun to increase once again, attracting a nearly 2% rise in the past day. Meanwhile, in the past week and month, the meme coin has increased by over 9% and 178%, respectively.
Several key factors, such as persistent whale accumulations and speculations about DOGE being potentially integrated into upcoming X payments, may have triggered its notable upswing in the ongoing cycle.
Featured image from Unsplash, chart from Tradingview.com