Exploring the Potential Surge in Dogecoin Value as Bitcoin Bulls Struggle to Maintain Position
Bitcoin‘s price is preparing for the November close, and bulls are struggling to maintain the $37,700 level. The motivation at the monthly close is important for the crypto markets to experience an uptrend in December. Moreover, as we approach 2024, the excitement for the halving is increasing. Experts had long been pointing to January for the ETF as well.
Dogecoin (DOGE)
In October, the price broke free from a decreasing trend line after facing rejection three times over 900 days. This breakout on the weekly chart is promising, as it could trigger parabolic rallies in an environment that is a preparation for such exciting increases.
Dogecoin has been pleasing its investors with green candles for 5 weeks, climbing up to a peak of $0.087. After last week’s selling candle, there are signals of a return this week. We also witnessed the weekly RSI surpassing the neutral zone with the breakout.
All this suggests that optimism for DOGE may not be exaggerated. Moreover, the rapidly increasing network activity and the accumulation tendency mentioned earlier support this.
DOGE Price Prediction
An analyst known by the username MCP drew attention to a fractal from the previous year to make a prediction about the DOGE price. According to the analyst, if the movement from the previous year repeats, we could see a gain between 50% and 70%. Another analyst, HOPER, predicts that the price will reach $0.18 by March 2024.
John Morgan wrote that DOGE is currently busy breaking a double bottom formation and climbing to $0.11. This target could be reasonable by the end of December. Meanwhile, the DOGE community is trying to send a physical Dogecoin to the moon.
The space mission will be carried out on December 12th via ULA’s Vulcan Centaur Rocket. Musk has received approval for the space mission, and all this could further increase his popularity on social media (and indirectly its price).
On the technical front, it is hard to talk about further increases without the $0.082 resistance area being reclaimed and turned into solid support. If it fails to do so, the price could drop to $0.067 in December.
- Bitcoin struggles as DOGE gains traction.
- Analysts predict a potential DOGE surge.
- Technical levels critical for DOGE’s direction.
