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Dogecoin

Analyst Says Dogecoin Price Will Rise By 34%, But Will The Price Crash First?

Scott Matherson
by Scott Matherson
9 months ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Dogecoin price is still gearing up for a move to break above its current all-time high but continues to face resistance around $0.45 to $0.46. This resistance has been quite notable since the beginning of December, but the long-term outlook remains positive.

According to a technical analysis on the TradingView platform, Dogecoin is set to go on a further 34% price increase from here, but short-term bearish corrections may continue before the anticipated rally gains full momentum.

Technical Analysis Points To Bullish Dogecoin Movements

Speaking of resistance, Dogecoin’s rally in the past 30 days has been hampered since it reached a three-year high of $0.4735 on November 23. Since reaching this high, the Dogecoin price has largely consolidated between this upper end and a low just below $0.37. 

Related Reading: Forget The XRP Price Pump, Analyst Says Don’t Sell Your XRP Until These 7 Things Happen

However, recent Dogecoin price performance since the beginning of November suggests this resistance might not hold for long. As noted by crypto analyst MadWhale on the TradingView platform, the Dogecoin price has recently broken through several long-established resistance levels, signaling a significant shift in market sentiment. Interestingly, these resistance levels range from $0.3 up to $0.46, which are price points that the meme coin hasn’t traded in for over three years.

MadWhale emphasized that this shift in momentum is not occurring in isolation. It is accompanied by rising trading volumes, a crucial indicator of increased investor interest and participation. With this in mind, technical analysis points to the Dogecoin price breaking above $0.48 very soon, and the analyst pointed to the next price target at $0.62. 

Interestingly, the analyst has consistently provided accurate forecasts, identifying critical support and resistance zones well in advance during the current bull cycle. Back on November 11, the analyst had predicted a Dogecoin price surge to $0.36. At this time, the meme coin was trading at $0.28787, but immediately reached $0.36 in less than 24 hours after the prediction.

Short-Term Bearish Corrections Likely Before The Anticipated Rally

While the long-term outlook remains positive, the analyst cautions that short-term bearish corrections or consolidation periods may precede the expected rally. Such patterns are common in the cryptocurrency market, especially after breaking through resistance levels. What this means is that the Dogecoin price could face another correction in the next few days.

Related Reading: Dogecoin Price Follows Bitcoin Trajectory: DOGE Can Hit $0.569 If This Happens

Notably, key support levels have been identified using the Fibonacci retracement indicator. One such support level identified is around $0.355. 

Dogecoin price
Source: TradingView

At the time of writing, Dogecoin is trading at $0.449, having increased by around 4.58% in the past 24 hours. In terms of upward movement, Dogecoin is currently trading around a major resistance at $0.450, with the next resistance near the $0.4650 level.

Dogecoin price chart from Tradingview.com
DOGE price recovers to $0.45 | Source: DOGEUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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