The cryptocurrency market has been volatile recently, but Dogecoin (DOGE) has still attracted a lot of attention from investors. After a rapid correction from a high of $0.4370 to $0.3673, DOGE is currently facing a critical moment.
Although the price has rebounded slightly, DOGE is still hovering around $0.39, which has led many to speculate whether it will rebound or continue to fall.
Dogecoin Price Outlook: Key Resistance Levels
The price of Dogecoin is now facing a critical resistance level of $0.40. Market analyst Ali Martinez believes that if Dogecoin can sustainably break through this level, it may continue its recent bullish momentum and is expected to rise to $0.43.
However, if Dogecoin fails to break through this resistance level, the price may continue to fall. Some analysts expect that the price may fall back to $0.36 and even to $0.34.
The recent volatility has made many investors feel uncertain, especially since Dogecoin had just hit a multi-year high of $0.4775 before this drop. If it falls to $0.34, investors who entered the market near the high point may face a loss of about 29%.
Despite the uncertainty in the market, some analysts are optimistic about the price outlook for Dogecoin. Some analysts believe that Dogecoin may be ready to break through the $0.50 mark after a period of consolidation in the $0.40 range. With the emergence of some bullish indicators, Dogecoin buyers are closely watching the market for possible rebound signals.
As for whether Dogecoin can soar to $2, the rise of Dogecoin may have just begun
Analyst Philip recently shared an analysis of the monthly chart of Dogecoin, pointing out that the meme coin may still be near the bottom of the price cycle. From a historical perspective, Dogecoin usually experiences a period of consolidation before experiencing a major price breakthrough.
Philip believes that Dogecoin has the potential to experience a sharp rise similar to past bull runs. For example, Dogecoin rose by about 9,000% in 2016 and soared by about 50,000% in 2021. Based on these historical performances, Philip predicts that Dogecoin has the potential to rise to $2, which is equivalent to an increase of about 1,000% from its current level.
Other analysts share a similar view, noting that the recent bullish behavior in the market could suggest that DOGE is preparing for a larger parabolic rise. While the price of Dogecoin has not yet broken through its all-time high of $0.73, many investors believe that a new all-time high (ATH) is likely to occur in the near future, and could even be achieved within the next few months.
