Moein Haddadian, a well-known TradingView crypto analyst, has recently made waves in the cryptocurrency community by unveiling a new Dogecoin price prediction. According to Haddadian, Dogecoin is on the cusp of a breakout, but there are key resistance levels that must be overcome for the popular meme coin to experience a price recovery above the $0.3 threshold.
Dogecoin has been facing challenges in regaining its upward momentum, as it has been trading within a clear downtrend for several months. However, recent price action suggests that the tide may be turning from bearish to bullish for the meme coin.
Haddadian’s analysis of the Dogecoin chart reveals that the coin recently broke above a descending trendline, indicating that sellers may be losing control. The analyst points to the $0.25 price point as a critical resistance level for Dogecoin, emphasizing that a confirmed breakout above this level is essential for bulls to establish dominance and solidify a bullish trend.
If bulls are successful in pushing the price beyond the resistance level and sustaining the breakout, Haddadian predicts that Dogecoin could rise towards its next target of $0.30 – $0.334. This price range aligns with a previous supply/resistance zone highlighted in the analyst’s chart.
While an upside breakout for Dogecoin is a possibility, Haddadian cautions that certain conditions must be met for the predicted rally to occur. The $0.16 support level for Dogecoin is crucial for its current bullish structure and its potential to reach the $0.334 target. Failure to hold above this support level could invalidate the bullish scenario, potentially leading to a price decline towards $0.122 or $0.113.
Haddadian suggests that the ideal setup for a sustained recovery for Dogecoin would involve a brief consolidation above $0.205 before a breakout rally. Once Dogecoin surpasses its previous resistance level between $0.30 and $0.334, the analyst believes that the meme coin could skyrocket to a price high of $0.484. However, a breakdown below the support level at $0.113 could push Dogecoin’s price as low as $0.08, completely negating the bullish outlook.
In a separate analysis, crypto analyst Ali Martinez has shared a price chart featuring a SuperTrend indicator, indicating that Dogecoin is poised to enter its next bullish phase. Martinez highlights the SuperTrend resistance zone at $0.21, which Dogecoin has struggled to break above during its downtrend. With Dogecoin’s current price at $0.19, Martinez predicts that a breakout and close above the $0.21 resistance could signal a bullish turn in Dogecoin’s price action.
However, failure to break this key level could result in continued bearish or sideways movement for Dogecoin. As the cryptocurrency market continues to evolve, all eyes will be on Dogecoin to see if it can overcome these resistance levels and pave the way for a potential price recovery above $0.3.