Crypto Analyst Predicts 37% Upshoot For Dogecoin Price, Points Out Support Levels
Cryptocurrency analyst MadWhale has given a bullish outlook on Dogecoin price. Analysts predict that the most important meme coin may witness a major rally and highlighted areas of support that market participants should focus on.
Dogecoin price surges 37%
in a Transaction View PostMadWhale predicts that Dogecoin price may soon rise by 37% to $0.55. However, cryptocurrency analysts warn that a short-term bearish move could consolidation stage May occur before a major uptrend. MadWhale says this isn’t something to worry about, as these patterns often precede big gains.
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MadWhale highlights key support levels using Fibonacci retracements to better manage these Dogecoin price swings. The accompanying chart from the cryptocurrency analyst shows that the $0.3 level is a major support level based on Fibonacci levels. A bounce from this support could make Dogecoin $0.55 target.
The cryptocurrency analyst also said that Dogecoin price showed significant strength, surpassing long-term resistance levels, which MadWhale mentioned marked an important shift. The analyst said this is a key development as Dogecoin gains momentum with increased trading volume and a growing social media presence.
Regarding resistance, $0.4 could be the next big hurdle for Dogecoin price. Cryptocurrency Analyst Kevin Capital It was recently stated that $0.4 is a key resistance level for Dogecoin, representing the 0.786 Fibonacci level. He noted that Dogecoin had been testing this Fib level but faced rejection on November 19.
While the analyst believes that Dogecoin’s price will eventually break through this resistance level, he says that this will have to happen “cleanly and violently” if the most important meme coin is to witness any significant price gains. Dogecoin breaks $0.4 levels after catching up donald trump’s victory However, it failed to hold that level as support and has been consolidating in the $0.3 range since then.
Is DOGE ready for its next move higher?
Cryptocurrency analyst Trader Tardigrade said that Dogecoin price is ready for the next round of gains. In an X post, the analyst stated that Dogecoin is ready for its next run. He found a hidden bullish divergence on the 4-hour chart Relative Strength Index (RSI) The chart shows a bullish outlook for DOGE.
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Trader Tardigrade noted that the RSI Hidden bullish divergence This occurs when price makes higher lows and RIS makes lower lows. He added that this signal indicates that Dogecoin prices continue to rise. In the meantime, it’s worth mentioning that cryptocurrency analysts Ali Martinez recently confirmed A Dogecoin bull run is taking place, noting that these corrections are typical of every parabolic bull run Dogecoin has recorded.
As of this writing, Dogecoin is trading at around $0.38, down nearly 2% in the past 24 hours, according to CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com
