Popular Crypto Expert Forecasts Last Dip Before Dogecoin Surge

Dogecoin (DOGE) continues its upward trend, trading at $0.3909, with a 7% rise over the past 24 hours and a robust $5.34 billion in trading volume. Ranked #7 by market cap, Dogecoin is testing a critical resistance level, setting the stage for either a significant breakout or consolidation. Investors are closely watching its next moves, as market dynamics signal potential for further growth.

Analysts Highlight Dogecoin’s Potential Breakout

Crypto analyst Kriss Pax has provided an optimistic outlook for Dogecoin, pointing to on-chain data and broader market indicators. Pax suggests the current market conditions could be a precursor to a bullish phase for DOGE.

One notable factor is the increasing dominance of altcoins, signaling heightened interest beyond Bitcoin. Pax also points to Dogecoin’s RSI, which indicates strengthening momentum, and the broader market optimism driven by upcoming Spot Ethereum ETFs. These ETFs are expected to increase investor confidence across altcoins, including Dogecoin.

Moreover, the coin’s ability to attract high trading volumes during price dips highlights strong investor interest, bolstering its upward potential. While analysts remain cautious about external factors, they see Dogecoin’s current market activity as a solid foundation for growth.

Dogecoin’s Market Strength and Price Trajectory

Dogecoin’s robust market position stems from its resilience and ability to hold above crucial support levels. Analyst Kevin (formerly OG Yomi) notes that Dogecoin remains in a Wyckoff “SOS phase,” suggesting it is retesting the top of its previous bear market range. Holding this position could open the door for substantial price gains.

Source: X

Support at $0.10291 has been pivotal in maintaining the coin’s macro bullish outlook. Sustaining these levels would reinforce investor confidence, potentially driving Dogecoin toward speculative price targets of $3. Its growing popularity and established community further contribute to its resilience, making it a key player in the altcoin space.

Dogecoin also benefits from increased institutional and retail interest. This activity reflects confidence in the asset’s long-term viability and its ability to maintain relevance in an ever-expanding cryptocurrency market.

Daily Technical Outlook: Dogecoin (DOGE/USD) – January 4, 2025

Dogecoin is trading near $0.3909, approaching a crucial resistance at $0.3930, which coincides with a descending trendline. Breaking above this level is critical to unlocking further upside, with resistance targets at $0.4157 and $0.4402.

Immediate support lies at $0.3676, followed by $0.3428 and $0.3081. These levels offer stability in case of price corrections. The RSI at 65 reflects moderately high buying pressure, while the price remains above its 50-day EMA at $0.3411, supporting short-term upward momentum.

The presence of doji candles near the resistance level suggests market indecision, requiring traders to carefully monitor the $0.3930 level. Failure to break this resistance could result in consolidation or a pullback, but sustained upward pressure may signal a continuation of the rally.

Key Insights:

• Resistance Levels: Downward trendline limits gains at $0.3930; further resistance at $0.4157 and $0.4402.
• Support Zones: Key supports are $0.3676, $0.3428, and $0.3081, stabilizing potential corrections.
• Momentum Indicators: RSI near 65 signals overbought conditions; price above the 50-day EMA suggests continued short-term bullishness.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.