The Dogecoin price is still gearing up for a move to break above its current all-time high but continues to face resistance around $0.45 to $0.46. This resistance has been quite notable since the beginning of December, but the long-term outlook remains positive.

According to a technical analysis on the TradingView platform, Dogecoin is set to go on a further 34% price increase from here, but short-term bearish corrections may continue before the anticipated rally gains full momentum.

Technical Analysis Points To Bullish Dogecoin Movements

Speaking of resistance, Dogecoin’s rally in the past 30 days has been hampered since it reached a three-year high of $0.4735 on November 23. Since reaching this high, the Dogecoin price has largely consolidated between this upper end and a low just below $0.37. 

However, recent Dogecoin price performance since the beginning of November suggests this resistance might not hold for long. As noted by crypto analyst MadWhale on the TradingView platform, the Dogecoin price has recently broken through several long-established resistance levels, signaling a significant shift in market sentiment. Interestingly, these resistance levels range from $0.3 up to $0.46, which are price points that the meme coin hasn’t traded in for over three years.

MadWhale emphasized that this shift in momentum is not occurring in isolation. It is accompanied by rising trading volumes, a crucial indicator of increased investor interest and participation. With this in mind, technical analysis points to the Dogecoin price breaking above $0.48 very soon, and the analyst pointed to the next price target at $0.62. 

Interestingly, the analyst has consistently provided accurate forecasts, identifying critical support and resistance zones well in advance during the current bull cycle. Back on November 11, the analyst Go to Source to See Full Article
Author: Scott Matherson