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Home»BITCOIN NEWS»Analyst says Dogecoin price will rise 34%, but price will collapse first.
BITCOIN NEWS

Analyst says Dogecoin price will rise 34%, but price will collapse first.

By Crypto FlexsDecember 7, 20243 Mins Read
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Analyst says Dogecoin price will rise 34%, but price will collapse first.
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Dogecoin price I’m still preparing There is currently a move to break above the all-time high, but it continues to face resistance around $0.45 to $0.46. This resistance has become quite pronounced since early December, but the long-term outlook remains positive.

According to technical analysis TradingView platform, Dogecoin is scheduled for another 34% price increase from here, but a short-term bearish correction may ensue before the expected rally gains full momentum.

Technical Analysis Points for Bullish Dogecoin Movement

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

However, the recent Dogecoin price performance since early November suggests that this resistance may not last long. As mentioned by MadWhale, a cryptocurrency analyst on the TradingView platform, the Dogecoin price is recently broke through Several long-established resistance levels indicate significant changes in market sentiment. Interestingly, these resistance levels range from $0.3 to $0.46, a price range where the meme coin has not traded in over three years.

MadWhale emphasized that this change in momentum does not occur in isolation. This is accompanied by increased trading volume, which is an important indicator of increased investor interest and participation. With this in mind, technical analysis points out that the Dogecoin price will soon surpass $0.48, with analysts pointing out $0.62 as the next price target.

Interestingly, analysts have consistently provided accurate forecasts by proactively identifying important areas of support and resistance during the current bull cycle. Analysts said on November 11, I predicted it Dogecoin price surged to $0.36. At this time, Mimcoin was traded at $0.28787, but immediately reached $0.36 less than 24 hours after the prediction.

Possible short-term bearish correction before expected rally

While the long-term outlook remains positive, analysts warn that a short-term bearish correction or period of consolidation could precede the expected upturn. This pattern is common in the cryptocurrency market, especially after a resistance level has been broken. What this means is that Dogecoin price could face another correction in the coming days.

In particular, key support levels were identified using the Fibonacci retracement indicator. One of the identified support levels is around $0.355.

Source: TradingView

As of this writing, Dogecoin is trading at $0.449, up about 4.58% in the last 24 hours. On the bullish side, Dogecoin is currently trading. Around the main resistance It is at $0.450 and the next resistance is near the $0.4650 level.

Dogecoin price chart on Tradingview.com
DOGE price recovers to $0.45 | Source: DOGEUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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