A crypto analyst has shared a Dogecoin price chart over a daily time frame, highlighting key price levels to watch out for as the meme coin attempts to recover towards the coveted $1 milestone. Although the Dogecoin price has seen significant volatility and declines recently, the crypto analyst remains confident in the memecoin's bullish outlook.
According to TradingView crypto analyst, 'TheHunters_99,' Dogecoin was previously trading within a defined price channel, consolidating after experiencing a significant price increase earlier in November. This prolonged consolidation triggered a significant price crash for Dogecoin, pushing it back to previous lows.
Nevertheless, recent price action has seen Dogecoin successfully break out of its narrow price channel, indicating renewed bullish momentum. The TradingView analyst has presented a price chart revealing Fibonacci extension levels as key markers to monitor closely for Dogecoin's next potential moves towards $1.
Fibonacci levels are indicators widely used to identify possible resistance and support zones for cryptocurrencies. The analyst highlighted the 1 Fibonacci level at $0.5 as his first price target for Dogecoin. At the 1.618 Fibonacci level, the next target is the $0.70 price level, which the analyst believes Dogecoin could potentially rise to, representing almost double its current market value.
The third significant target lies between $1 and $1.1 at the 2.618 Fibonacci level. This key price point could mark Dogecoin's surge to a psychological level, where most investors could initiate profit-taking.
The fourth and last price target highlighted by the analyst is the 4.236 Fibonacci level below $1.7. This price is more of an ambitious long-term target, considering Dogecoin's value is below $0.4. Reaching this key target would signify an exponential rally for Dogecoin, representing a staggering 400% rise from current levels.
Although the TradingView analyst's projected price targets look promising, he has highlighted critical support zones for Dogecoin. The chart shows multiple support zones below the price level at $0.297, serving as a safety net for Dogecoin if it experiences another price pullback.
Currently, Dogecoin is seeing renewed momentum, as its price has gained 10% in the last 24 hours, according to CoinMarketCap. As of writing, the meme coin is trading at $0.34, having previously declined by 15.4% over the past week.
While the Dogecoin price has witnessed significant bearish momentum recently, analysts still express optimism about its bullish price potential. Crypto analyst KrissPax on X (formerly Twitter) has shared a price chart, predicting a massive surge for Dogecoin.
According to KrissPax, Dogecoin's Relative Strength Index (RSI) dropped below 40 on the daily timeframe in early September this year. Following this decline to near-oversold levels, the meme coin experienced a price rally, soaring over 400%.
The analyst has revealed that Dogecoin's current RSI set-up has just dipped below 40 again, indicating a potential repeat of historical trends. If the RSI behaves similarly to past performance, it could signal the start of another bullish price rally for Dogecoin. In this case, KrissPax projects that the meme coin could potentially surpass previous highs to reach $0.6.
Featured image from Mashable, chart from TradingView