thecryptobasic.com
While the Dogecoin (DOGE) upward momentum has stalled over the past few days, analysts remain confident about a resurgence.
Dogecoin has fallen 8% in the last 24 hours, currently trading at $0.3900. The bearish performance has weakened its weekly gains to just a 2.29% uptick. However, on the monthly timeframe, Dogecoin still boasts a 188% gain.
In a recent analysis on TradingView, market commentator MadWhale projected that Dogecoin is preparing for a major price surge to the $0.55 level, one of its highest points last seen at the peak of the last bull market.
While acknowledging short-term bearish movements and consolidation, MadWhale predicted a 37% price surge for DOGE. He highlighted a key support level identified through Fibonacci retracements, noting that Dogecoin broke through major resistance at the $0.3000 level, just above the 50% Fibonacci retracement.
Notably, DOGE has been trading well above this level despite the recent pullback.
MadWhale’s confidence in Dogecoin’s upward momentum is supported by growing trading volumes and increased social media influence. He believes the meme coin is in a position where it could record a more substantial rally when the bulls reemerge.
Other Analyst Views for Dogecoin in the Short Term
Meanwhile, in a separate commentary, analyst Bluntz suggested that Dogecoin’s current Wave 4 correction is complete. He noted that the coin has been in an upward, sideways “running flat” correction for the past two weeks, with many traders becoming bored and shifting focus to other opportunities.
However, Bluntz emphasized that Dogecoin’s parabolic move is only just beginning. In his view, profit-taking should not occur until the price reaches at least $1.
Another analyst, Trader Tardigrade, shared a similar outlook for Dogecoin’s short-term performance. He pointed out that the recent daily candle closed with a retest of the Bull Pennant pattern.
He emphasized that the Bull Pennant target for Dogecoin remains at $0.85, which would mark an all-time high for the meme coin king.
Dogecoin Long-Term Outlook
On the longer-term outlook, market watchers like Ali Martinez are forecasting a speculative price surge of between 9,000% and 30,000%, similar to the gains seen in previous cycles. If this occurs, it could propel Dogecoin’s price well beyond $10.
However, Martinez has also cautioned that a significant price correction of 40% to 50% may take place along the way to these ambitious price targets.