Crypto analyst MadWhale forecasts a 37% rally in Dogecoin's price to $0.55, despite potential short-term bearish movements or consolidation phases. The analyst uses Fibonacci retracements to highlight $0.3 as a crucial support area that could propel DOGE to its target.
The prediction points out Dogecoin's growing strength as it surpasses long-standing resistance levels, aided by higher trading volumes and increased social media presence. However, the $0.4 mark remains a significant resistance level, presenting a challenge for Dogecoin’s price advancement.
The analysis from other crypto experts like Trader Tardigrade further supports the bullish sentiment. A Hidden Bullish Divergence on the 4-hour RSI chart indicates a continuation of the uptrend, bolstering confidence in Dogecoin's next upward move.
Despite a recent 2% decline in Dogecoin’s price, trading around $0.38, analysts remain optimistic about its prospective bull rally. Such downtrends are typical during parabolic bull runs, and experts believe Dogecoin is poised to bounce back strongly soon.
