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- As analysts display critical levels such as $0.32 and $0.42, indicating possible bullish momentum, Dogecoin may reach $1.16.
- Analysts foresee a lengthy 9–15-month pump phase for Dogecoin, which has recovered to $0.11 after plunging to $0.05 in 2022.
- Although DOGE’s history demonstrates tenacity and long-term trends point to increases, market conditions and volatility need cautious optimism.
Dogecoin is on a potential bullish breakout, according to analysts Skew and Trader Tardigrade. Skew noted a critical resistance level at $0.32, highlighting a strong weekly close above this zone as a pivotal development. A continued climb beyond $0.42 could trigger heightened volatility, with $1.16 identified as a long-term target.
$DOGE 1W
— Skew Δ (@52kskew) November 18, 2024
The king of crypto currently
Strong close above HTF resistance ($0.32) & HTF HH
Could see some balance developing this week above between $0.40 – $0.32
0.5 fib pretty key here & above $0.42 likely to see increasing volatility / price velocity
1.618 ($1.16) pic.twitter.com/kjoOFWugQ3
From April 2021 DOGE had price changes whereby it experienced a steep dip, falling to $0.05 by June 2022 after hitting a high of $0.70 in May 2021. It has later steadily recovered, though, and is now trading near $0.10. Skew claims that sustained momentum could result from holding levels between $0.40 and $0.32.
Dogecoin’s Long-Term Trends Signal Optimism
Trader Tardigrade offers a broader perspective, analyzing DOGE’s price data since 2014. Beginning with $0.0001, the coin experienced a sharp increase, reaching $0.70 in 2021. Despite a prolonged downturn after the peak, Dogecoin has rebounded. The current price at $0.11 suggests an emerging bullish phase.
Tardigrade predicts that DOGE could enter a prolonged pump phase, lasting between 9 and 15 months. He anticipates three to five bullish quarterly candles ahead. This outlook underlines Dogecoin’s historical resilience despite market corrections, making it a potential contender for long-term gains.
Source: Trader Tardigrade
Key Levels to Watch for DOGE Investors
Besides resistance at $0.32, the 0.5 Fibonacci level plays a crucial role in determining near-term momentum. According to Skew, surpassing this level could accelerate price velocity, with $0.42 acting as a critical shift point. Additionally, breaking past $1.16 could signify a new phase of exponential growth.
Moreover, the speculative and volatile nature of Dogecoin remains a double-edged sword. While it creates opportunities for massive gains, investors should remain cautious. External factors like market sentiment and macroeconomic trends could influence its movement.