Dogecoin to the Moon? Analyst Hints at Potential 300% Rise If This Happens

The recovery rally in major cryptocurrencies gained pace on Monday, with several digital assets, including Dogecoin, trading in green.

The crypto market remains in green as investors anticipate Fed-driven and macro catalysts.  The Federal Reserve, which has acted as a driver of price action over the past month, will host a payments conference in Washington on Oct. 21, with traders eagerly awaiting any hints or suggestions about upcoming monetary policy.

At press time, Dogecoin was up 7.47% in the last 24 hours to $0.20, extending its recovery from an Oct. 17 low of $0.175 into the third day.

The recovery reached $0.202 on Monday, with the market awaiting what comes next for the Dogecoin price.

Dogecoin 300% rally a possibility

In recent tweets, crypto analyst Ali stated that Dogecoin hints at a potential rally. This is as Dogecoin recovered from a crucial price floor, which might boost its valuation by as much as 300%.

In a most recent tweet, Ali indicated that Dogecoin just bounced off its channel support and looks set to climb. The crypto analyst outlines three price targets for bulls: $0.29 first, then $0.45 and $0.86.

A rise to $0.86 from current price of $0.20 would represent a 300% increase. In the meantime, traders continue to watch near-term resistance levels at the daily moving averages 200 and 50 at $0.207 and $0.236, ahead of $0.27.

A breach of these key levels might cause Dogecoin to target $0.29, of which a sustained break would kickstart the next leg of uptrend for Dogecoin with the potential of rallying over 300% to $0.86.

On the other hand, support is expected at $0.175, ahead of $0.15, in the event of a market drop.