encryption Analysts predict that the price of Dogecoin will rise by 37% and point out the support level

Cryptocurrency analyst MadWhale has given a bullish outlook on the price of Dogecoin. The analyst predicts a significant increase in this most important meme coin and emphasizes the support areas that market participants should focus on.

In an article, MadWhale predicts that the price of Dogecoin may soon rise by 37% to $0.55. However, the encryption analyst warns that there may be a short-term bearish trend or consolidation phase before the major uptrend. MadWhale states that this is nothing to worry about as these patterns typically occur before a significant increase.

MadWhale uses the Fibonacci retracement to highlight key support levels for better management of the price fluctuations of Dogecoin. The accompanying chart from encryption currency analysts shows that the $0.3 level is a major support level based on Fibonacci levels. A rebound from this support level could push Dogecoin towards a target of $0.55.

The encryption currency analyst also pointed out that the price of Dogecoin has shown significant strength, breaking through the long-term resistance level. MadWhale mentioned that this indicates an important shift. The analyst stated that this is a critical development as Dogecoin gains momentum with increasing volume and growing social media influence.

As for the resistance level, $0.4 may be the next significant obstacle for Dogecoin price. Encryption currency analyst Kevin Capital recently stated that $0.4 is a key resistance level for Dogecoin, representing the 0.786 Fibonacci level. He pointed out that Dogecoin has been testing this Fibonacci level, but was rejected on November 19th.

While the analyst believes that the price of Dogecoin will eventually break through this resistance level, he said that if this most important meme coin is to witness any significant price increase, the breakthrough must be "clean and fierce." After Donald Trump's victory, Dogecoin broke through the $0.4 level, but failed to hold this support level and has been hovering in the $0.3 range ever since.

encryption Analyst Trader Tardigrade stated that the price of Dogecoin is ready for the next round of upward movement. In a post, the analyst mentioned that Dogecoin is prepared for the next round of upward movement. He discovered a hidden bullish divergence on the 4-hour Relative Strength Index (RSI) chart, which provides a bullish outlook for Dogecoin.

Trader Tardigrade pointed out that when the price forms higher lows while the RSI forms lower lows, this RSI hidden bullish divergence occurs. He added that this signal indicates that the price of Dogecoin will continue to rise. It is worth noting that cryptocurrency analyst Ali Martinez recently confirmed that the Bull Market for Dogecoin has started and pointed out that these corrections are common in every parabolic Bull Market in Dogecoin's history.

(Data Source: Scott Matherson)