Prominent analysts warn of further gains for Dogecoin, citing a potential moonshot with projected gains of up to 1,150% as bull momentum builds.

The meme coin scene in the crypto market is back with explosive gains, with top performers including Dogecoin and Shiba Inu. Today alone, Dogecoin has surged by 11.76%, trading at $0.1281 at press time.

This latest gain adds to its bullish trend that began a few weeks ago, bringing its weekly performance to an impressive 21.7%.

Meanwhile, on September 6, Dogecoin traded as low as $0.08937. Its recent bounce back into the $0.12 range indicates that the meme coin king has rebounded substantially by 43.33%.

Dogecoin “Loading the Moonshot”

Despite these significant gains, some market watchers believe Dogecoin is just getting started and that those entering the market today still have much to gain.

In a Thursday analysis, popular market commentator “Crypto Rand” warned investors not to overlook Dogecoin, emphasizing that it is “loading the moonshot.”

At that time, Dogecoin had just broken through the $0.111 price barrier, looking to establish support. Indeed, Dogecoin successfully maintained its momentum and went on to breach the $0.12 level, a threshold last seen two months ago.

DOGE Next Target at $0.15

Crypto Rand confirmed Dogecoin’s progress in a follow-up update, noting that the anticipated moonshot is already taking shape as it breaches further resistance levels. The accompanying chart suggests that after entering the $0.12 range, the next significant resistance for Dogecoin lies at $0.14.

Several other market analysts have corroborated this outlook in their analyses. For instance, prominent on-chain analyst Ali Martinez highlighted that Dogecoin’s initial surge past $0.111 was crucial, as it represents the largest cluster where 62,270 wallets hold over 36 billion DOGE.

Future resistance levels appear less daunting as fewer addresses hold DOGE. Martinez argues that if DOGE progresses from this level, it will confirm a bullish breakout from the six-month downtrend, potentially pushing Dogecoin to $0.15, as no major supply walls are in sight.

“The path to $0.15 looks clear,” he stated. Notably, a move to $0.15 requires just a 17% increase from the current level of $0.1281.

Bold Forcast Suggests $1.5 by December

Meanwhile, Bitcoin analyst “Master Kenobi” is more ambitious regarding Dogecoin in the short term. In an analysis shared three days ago, he suggested that Dogecoin could reach as high as $1.50 by the end of this year, drawing inspiration from historical price movements.

Kenobi noted that if DOGE performs similarly to its first cycle of 2017-2018, it could reach $1.55 on December 9 and $7.78 by July 14 next year. Notably, the near-term target of $1.5 exceeds 1,150% from the current level.

Furthermore, Kenobi added that if DOGE mirrors the previous cycle of 2021, it could hit $2.80 on December 9 and $25.80 by March 10 next year.

While Kenobi acknowledged that this is a speculative exercise, he cautioned market participants to “not underestimate” Dogecoin.