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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Crypto Analyst Predicts 37% Upshoot For Dogecoin Price, Points Out Support Levels

Scott Matherson
Scott Matherson
Last Updated: November 21, 2024 10:30 pm
3 mins read
Dogecoin

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Crypto analyst MadWhale has provided a bullish outlook for the Dogecoin price. The analyst predicted that the foremost meme coin could witness a significant rally and highlighted support areas that market participants should focus on. 

Dogecoin Price To Witness A 37% Surge

In a TradingView post, MadWhale predicted that the Dogecoin price would likely witness a 37% rally to $0.55 soon. However, the crypto analyst warned that short-term bearish movements or consolidation phases could occur before the major uptrend. MadWhale suggested that this wasn’t something to worry about, as these patterns often appear before a significant surge. 

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Source: X

MadWhale highlighted key support levels using Fibonacci retracements to manage these Dogecoin price fluctuations better. The crypto analyst’s accompanying chart showed the $0.3 level as the main support based on the Fib level. A bounce of this support level could send Dogecoin to the $0.55 target. 

The crypto analyst also indicated that the Dogecoin price is showing significant strength, surpassing long-standing resistance levels, which MadWhale mentioned signals an important shift. The analyst said this is a key development as Dogecoin gains momentum with higher trading volumes and growing social media influence. 

Regarding resistance levels, $0.4 might be the next big hurdle for the Dogecoin price. Crypto analyst Kevin Capital recently stated that $0.4 is a crucial resistance level for Dogecoin, representing the 0.786 Fib level. He noted that Dogecoin has been testing this Fib level but faced rejection on November 19. 

While the analyst is confident that the Dogecoin price will eventually break above this resistance level, he remarked that it must happen “cleanly and violently” if the foremost meme coin is to witness any major price rally to the upside. Dogecoin breached this $0.4 level following its run after Donald Trump’s victory but couldn’t hold that level as support and has since been consolidating in the $0.3 range. 

DOGE Ready For The Next Move To The Upside?

Crypto analyst Trader Tardigrade suggested that the Dogecoin price was ready for its next leg to the upside. In an X post, the analyst stated that Dogecoin is ready for the next run. He identified a Hidden Bullish Divergence on the 4-hour Relative Strength Index (RSI) chart, which provides a bullish outlook for DOGE.

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Trader Tardigrade noted that this RSI Hidden Bullish Divergence occurs when the price forms higher lows while the RIS forms lower lows. He added that this signal indicates an uptrend continuation for the Dogecoin price. Meanwhile, it is worth mentioning that crypto analyst Ali Martinez recently affirmed that the Dogecoin bull run is on and noted that these corrections are typical in every parabolic bull run Dogecoin has recorded. 

At the time of writing, the Dogecoin price is trading at around $0.38, down almost 2% in the last 24 hours, according to data from CoinMarketCap. 

Dogecoin price chart from Tradingview.com
DOGE bulls put up a fight at $0.38 | Source: DOGEUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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