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TradingView analyst MadWhale claims Dogecoin’s subsequent upward trajectory would see it target its monthly resistance at $0.23 and $0.34.
Dogecoin’s bullish momentum has lost steam in the past 24 hours. The largest meme coin by market cap has corrected 4.52% in the past day and 10.2% from its weekly high of $0.2121, which it attained on Wednesday.
Before today’s price correction, Dogecoin had outperformed most assets in its caliber, fueled by its romance with Tesla CEO Elon Musk. The X owner’s profound involvement in Donald Trump’s reelection sparked an almost 80% increase in the dog-themed meme coin in the past 30 days.
Amidst the latest price correction, analyst MadWhale believes Dogecoin’s next upward push would target two major monthly resistances. The market analyst also gave a short-term price expectation for the meme coin.
MadWhale Insists Monthly Resistance is Next Dogecoin’s Target
In a November 7 TradingView analysis, the market commentator identified that Dogecoin has maintained a trendline in its price uptick in the 12-hour timeframe. This trendline acts as daily support for the token before its next bullish uptrend.
MadWhale asserted that he expects Dogecoin to retest the daily support zone around $0.17 before continuing its uptrend. After retesting the area, the market commentator noted that DOGE will target the two major monthly resistances at $0.23 and $0.34.
The market analyst’s commentary shows that the supply zones at $0.23 and $0.34 act as a multi-year resistance for Dogecoin, as it last traded around the region during the last bull cycle in 2021. Notably, a surge from DOGE’s current market price to the resistance zones will entail a 23% and 82% growth, respectively.
Meanwhile, MadWhale argued that Dogecoin’s ability to test the monthly resistance at $0.34 would confirm the meme coin is ready for a rally to new highs. Notably, the analyst did not give a timeline for the asset to retest the multi-year supply zone.
Other Dogecoin Price Predictions
MadWhale’s 82% projection follows similar bullish price predictions from other notable analysts.
For instance, market veteran Peter Brandt predicted that Dogecoin is primed for a surge past its present all-time high to unprecedented values. This came after the expert noted that DOGE has confirmed its breakout from a multi-month descending channel.
Meanwhile, seasoned market analyst Ali Martinez expects a more ambitious parabolic expansion in Dogecoin’s price. He first called a surge to $10 for the meme coin before recently predicting that it might explode over 11,486% to $23.
In the meantime, DOGE exchanges hands for $0.1866, with its market cap down 3.94% in the past 24 hours to a $27.66 billion.