- Dogecoin shows stronger momentum in the current cycle, testing key resistance at $1.08 with tighter price action.
- Analysts predict Dogecoin may hit $1 by mid-December, with the potential to reach $2.90 if bullish momentum is sustained.
- Blue and green trendlines indicate critical support zones, while $1.45-$2.90 is the next resistance range to watch.
In the current market cycle, 225 days after Bitcoin's halving, Dogecoin is showing strength. This marks a departure from the previous cycle when the cryptocurrency struggled to break above key resistance levels. According to analyst Master Kenobi, Dogecoin is already engaging directly with its green trendline. This is a positive development, as it signals increased volatility and stronger bullish momentum compared to the past.
Resistance and Support Zones Play Critical Roles
During the previous cycle, Dogecoin faced rejection at the $1.08 resistance level after a sharp rally. However, the price quickly retracted, consolidating for weeks before moving higher. This cycle is different. Dogecoin’s price is currently negotiating with the green trendline and appears to be much stronger. The price movements are tighter around the blue and green trendlines, which show less volatility. This shift indicates that Dogecoin’s bullish momentum is more intense now than before.
Source: Master Kenobi
Moreover, the $1 target by mid-December seems realistic, based on the chart's trendlines. The price has already tested resistance levels, and analysts believe it could push higher, even towards the $2.9 mark. Master Kenobi considers this level bold, but not impossible. His analysis suggests that a target between $1.45 and $2.9 remains within reach, depending on the market's response.
Chart Analysis and Market Trends
The chart illustrates Dogecoin’s progress with the use of trendlines representing key support and resistance zones. The blue trendline marks the support level, which held steady during previous price consolidations. After breaking this support, Dogecoin surged upward, reaching new resistance points. The yellow trendline at $1.08 has been a key barrier, with price action consistently retracting upon testing it.
Additionally, the red trendline at $2.90 highlights the next major resistance zone. The market's behavior suggests this level could pose a significant hurdle, requiring strong upward momentum to break. However, recent price action has been bullish, giving analysts reason to believe Dogecoin could soon test these levels.
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