As an analyst with over a decade of experience in the financial markets, I find MadWhale’s bullish outlook for Dogecoin intriguing, given his track record of accurate predictions. His emphasis on key support and resistance levels using Fibonacci retracements is a strategy that I have found to be effective in my own analysis.
According to crypto expert MadWhale, Dogecoin‘s future looks promising as he anticipates a major price surge for this popular meme currency. He also pointed out crucial levels where investors should keep an eye during market fluctuations.
Dogecoin Price To Witness A 37% Surge
In a recent TradingView post, MadWhale foresees a possible 37% increase in Dogecoin’s price, pushing it up to approximately $0.55. Yet, the crypto analyst issues a caveat, suggesting that minor downward trends or periods of consolidation might transpire prior to this anticipated upward trend. MadWhale reassures readers that such patterns are typically observed before a substantial price hike, and should not be cause for concern.
MadWhale utilized Fibonacci retracements to emphasize crucial support points for Dogecoin, thereby improving management of its price oscillations. The analyst’s accompanying chart indicated that the primary support was at the $0.3 level, determined by the Fib level. A potential rebound from this support level might propel Dogecoin towards the projected target of $0.55.
According to the crypto expert, the price of Dogecoin has been exhibiting robust power, breaking through previous resistance thresholds. This action, as pointed out by MadWhale, suggests a significant change. The analyst considers this development crucial because Dogecoin is picking up speed with increased trading activity and growing clout on social media platforms.
As for potential obstacles in Dogecoin’s price movement, it seems $0.4 could be a significant barrier to overcome. According to crypto expert Kevin Capital, this figure represents a key resistance level due to its connection with the 0.786 Fibonacci level. He mentioned that Dogecoin has been attempting to break through this Fib level, but encountered rejection on November 19th.
The analyst believes with certainty that the price of Dogecoin will eventually surpass its current resistance, but emphasized that this breakout needs to be swift and powerful for any substantial price surge to occur. Previously, Dogecoin had reached the $0.4 level following its rise after Donald Trump’s election win, but it failed to maintain that level as support and has since been fluctuating within the $0.3 range.
DOGE Ready For The Next Move To The Upside?
Crypto expert Trader Tardigrade believes that Dogecoin’s price might surge again soon, as indicated in a recent post. This opinion is based on a concealed bullish trend he spotted on the 4-hour RSI chart, which typically signals a positive outlook for DOGE.
Trader Tardigrade pointed out that a Hidden Bullish Divergence occurs when the price experiences rising lows, while the RSI shows falling lows. This signal suggests that the upward trend for Dogecoin’s price is likely to persist. It’s important to note that crypto analyst Ali Martinez has confirmed that the bull market for Dogecoin is underway, and these corrections are common in every parabolic bull run that Dogecoin has experienced so far.
Currently, the value of Dogecoin stands approximately at $0.38 per coin, representing a nearly 2% decrease over the past 24 hours, as reported by data from CoinMarketCap.
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2024-11-22 01:34