Dogecoin (DOGE) has recently experienced significant growth, breaking through key resistance levels of $0.18 and $0.20 twice. The cryptocurrency surged to a high of $0.478 before pulling back slightly.
Long-Term Dogecoin Price Prediction: Bullish Outlook
Since November 12, DOGE's upward movement has paused at $0.45. Over the past week, the altcoin has held support above the 21-day Simple Moving Average (SMA) at $0.35, while facing resistance at $0.45. According to price indicator analysis, DOGE is expected to continue rising and could reach the 1.272 Fibonacci extension level at $0.50.
If the current resistance is breached, Dogecoin could further rise to its all-time high of $0.60. The altcoin previously reached this level on May 10, 2021. Currently, the price stands at $0.428 as DOGE attempts to surpass its recent peak.
Key Technical Indicators
Major Resistance Levels: $0.45 and $0.50
Major Support Levels: $0.30 and $0.25
Technical indicators reveal strong selling pressure at the $0.45 level, as evidenced by two candle wicks extending above this point. However, moving averages remain upward-sloping, indicating that the bullish trend is intact. On the 4-hour chart, the moving averages appear horizontal, reflecting a temporary price stagnation.
What’s Next for Dogecoin?
On the 4-hour chart, DOGE continues to trade below the key resistance level of $0.45. Bullish momentum has been rejected three times as buyers attempt to push the price above this barrier. The price action is characterized by small and indecisive candles, signaling uncertainty in the market.
Further price growth is limited by the overbought condition of the market. However, if DOGE manages to break through key resistance levels, it could climb back toward the $0.60 mark, building on its historical momentum.
#doge⚡ , #DogecoinCommunity , #priceprediction , #cryptoanalysis , #MemeWatch2024
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
