Emily Walker
Dogecoin’s value is positioning itself for an upward breakthrough of its peak price, but faces hurdles around $0.45 to $0.46. This ceiling has been significant since early December, although the long-term perspective remains optimistic.
Insights from technical analysis on TradingView suggest that Dogecoin could witness a price rise of up to 34%, though there might be short-term drops before the anticipated surge solidifies.
Positive Indicators Suggest Upcoming Dogecoin Advances
Despite the resistance, Dogecoin’s price surge over the past month has faced limitations since it hit a three-year peak of $0.4735 on November 23. After this point, the price has primarily fluctuated between this high and a low close to $0.37.
However, the performance of Dogecoin since early November indicates that this resistance may soon be surpassed. Analyst MadWhale on TradingView has highlighted that the Dogecoin price has recently surpassed
MadWhale underscored that this momentum shift is not happening alone; it’s backed by increasing trading volume, signaling a rise in investor interest. Based on this, technical indicators suggest a potential breakout above $0.48 soon, with the price target set at $0.62.
Notably, the analyst has reliably forecasted crucial support and resistance points throughout the ongoing bull phase. For instance, on November 11, they projected a rise to $0.36 when Dogecoin was valued at $0.28787, and it reached the target within 24 hours.
Potential Short-Term Drops Before Expected Surge
Even though the long-term outlook is promising, the analyst warns of probable short-term declines or periods of consolidation ahead of the expected upswing. Such fluctuations are typical in the crypto realm, particularly after crossing resistance boundaries, indicating that Dogecoin may undergo another dip shortly.
Key support levels, derived from the Fibonacci retracement tool, have been identified, with a significant support threshold noted around $0.355.
As of now, the price of Dogecoin is at $0.449, reflecting a rise of approximately 4.58% over the last day. In terms of upward movement, it currently hovers near a significant barrier at $0.450, with the next resistance expected at around $0.4650.