The current price of Dogecoin is in a pivotal position, with a crypto analyst identifying crucial levels that might shape its next important upward move. Trading above $0.34, the top meme coin may see its value soar to $1.4 if favorable bullish conditions persist, but it risks diving to new lows if it fails to reach a critical threshold.
Dogecoin Price: Will It Surge or Plummet?
According to a crypto analyst on TradingView, who goes by ‘Mindbloome-Trading,’ Dogecoin is on the brink of a major surge that could push its value beyond the sought-after $1 mark. The analyst shared a video analysis, pointing to $0.46 as a key resistance level for Dogecoin. This level coincides with the 0.382 Fibonacci level, often considered a significant hurdle in technical analysis.
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The TradingView market expert suggests that if Dogecoin can break through the $0.46 resistance level, it might ignite a rally propelling it to a bullish target of $1.4. This movement would likely be fueled by a spike in demand and increased buying pressure from investors.
On the flip side, the analyst presents a bearish scenario for Dogecoin. He warns that failing to maintain the support level at $0.3 could trigger a steep decline. He foresees a potential price crash to a lower support level at $0.23, marking new lows not seen since 2024.
Should Dogecoin slip back to the $0.23 mark, it might send bearish signals, possibly resulting in heightened selling pressure and further declines. The analyst notes that Dogecoin is currently in a support phase, with its future price movements being decisive for its upcoming value direction.
While the TradingView expert offers both bullish and bearish forecasts for Dogecoin, his video analysis illustrates its price trajectory from 2020 to 2024, highlighting past volatility through key peaks and troughs. The chart also identifies vital support and resistance areas using Fibonacci extensions and retracement levels to predict the meme coin’s future price points.
What’s Fueling Dogecoin’s Current Momentum?
Despite several bullish forecasts anticipating a rally, Dogecoin is facing significant downward pressure. Contributing to the bullish sentiment in the crypto market are high-profile events, including Donald Trump’s recent inauguration as the President of the United States, and the influence of Elon Musk, CEO of SpaceX and Tesla, who has initiated the Department of Government Efficiency (D.O.G.E) unit.
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Despite predictions of a bull run, Dogecoin has dropped by 9.64% in a single day, trading at $0.34 according to CoinMarketCap. However, analysts on social platforms like X remain optimistic, predicting substantial price rises ahead.
One interesting prediction comes from crypto analyst and Dogecoin supporter David Butler, who speculates that the meme coin could see a 100X rally to reach $34. Although ambitious, Butler is confident that reaching this price level is just a matter of time.
[Image of DOGE trading at $0.34 on the 1D chart | Source: DOGEUSDT on Tradingview.com]
Featured image from Unsplash, chart from Tradingview.com
