The current situation of Dogecoin prices is crucial as per a crypto analyst who has identified key price levels that could determine its next significant move upwards. Currently, the leading meme coin is trading above $0.34, with the analyst forecasting a potential breakout to $1.4 if favorable bullish conditions persist, or a price crash to new lows if Dogecoin fails to reach a critical level.
Will Dogecoin Price Surge or Plummet?
According to a crypto analyst on TradingView known as โMindbloome-Trading,โ Dogecoin prices are on the brink of experiencing an exponential pump that could push its value past the coveted $1 mark. The analyst highlighted $0.46 as a crucial resistance level for Dogecoin, which aligns with the 0.382 Fibonacci level, often a significant barrier in technical analysis.
The market expert on TradingView has indicated that breaking past the $0.46 resistance level could trigger a rally propelling the meme coin towards its next bullish target of $1.4, driven by increased demand and buying pressure from investors.
Conversely, the analyst has also shared a bearish outlook for Dogecoin, suggesting that a failure to maintain support at $0.3 could expose the meme coin to a considerable decline. This could lead to a potential crash in DOGE prices to a lower support level at $0.23, reaching new price lows not seen since 2024.
Retreating to the $0.23 level could send negative signals to the market, potentially increasing selling pressure and further declines. The current support phase of Dogecoin will play a crucial role in determining its future price movements.
While the crypto expert provides both bullish and bearish forecasts for Dogecoin, the detailed video chart showcases the price movements of Dogecoin from 2020 to 2024, highlighting past volatility and key support/resistance zones using Fibonacci levels to predict future price levels.
Factors Influencing Dogecoin’s Trend
Despite bullish forecasts, Dogecoin is experiencing significant downside momentum, driven by factors such as the recent inauguration of Donald Trump as US President and the influence of Elon Musk, who has established the new D.O.G.E unit. Although there’s been a 9.64% decline in Dogecoin prices in a day to $0.34, analysts on the X social media platform remain optimistic about significant price increases.
Notable predictions by crypto analyst David Butler suggest that Dogecoin could rally by 100X to reach $34, indicating confidence in an inevitable price increase.
