Dogecoin’s (DOGE) price action lately could indicate a potential price rally. Analyst Ali predicts a 27% price increase if DOGE can surpass its crucial resistance level.
At publication priced at $0.1618, DOGE has shown notable gains, with a 2.29% increase in the past day and a 20.92% rise over the last week.
Ali’s DOGE chart reveals a descending channel, with parallel lines indicating a possible short-term bearish trend but also a potential breakout. The $0.169 resistance forms the upper boundary of this channel, while the $0.153 support level has helped stabilize DOGE’s price in recent declines.
If #Dogecoin $DOGE breaks above the $0.169 resistance, we could see a 27% rally up to $0.209! pic.twitter.com/seVi6gdoH5
— Ali (@ali_charts) November 2, 2024
According to Ali, if DOGE breaks above $0.169, a bullish reversal could occur, aligning with his prediction of a potential upward trend toward $0.209.
This descending channel highlights support and resistance levels that play a crucial role in DOGE’s next price moves. The breakout opportunity offers traders insight into the memecoin’s upcoming direction.
DOGE Price Targets and Resistance Levels
Ali’s prediction suggests DOGE could reach $0.209 following a breakout above $0.169, marking a 27% rally from current levels. The $0.18 and $0.205 levels serve as intermediate resistance points, offering potential profit-taking opportunities along the way.
A breakout beyond $0.169 would shift DOGE’s trend toward bullish territory, strengthening its short-term outlook. The anticipated levels represent key targets for traders if DOGE follows this upward path.
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Ali’s tweet highlights DOGE’s potential for a strong rally if it clears the $0.169 resistance. This sentiment aligns with DOGE’s recent price surge and increased trading volume. A breakout could trigger bullish momentum, attracting further interest from investors.
DOGE’s weekly gain and steady performance hint at increased buying pressure, higlighting Ali’s optimistic outlook. As DOGE approaches the critical resistance level, investors should watch for a breakout that could propel the meme coin toward its next targets.
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