DOGECOIN PRICE ANALYSIS & PREDICTION (December 5) – Amid Consolidation, Can Doge Resume Rally Following The Latest Gain?
Doge’s overall market structure remains bullish on the daily chart, but the price is still calm since it faced rejections last month. It looks prepared for another rally while showing signs of strength on the day.
Last month’s trading marked a historic moment for many Doge holders as the price rallied by more than 200% to reach a new milestone after three years of trading. Unfortunately, exhaustion set in and the buying pressure cooled off, ending that month in a neutral mode.
The start of this month has been relatively indecisive as the leading meme coin subjected to a consolidation phase. While the next major move remains unknown, the bullish structure remains intact on the daily chart.
A push above the consolidation phase should activate more upsurge. Anticipating the next move, the key $1 level is the target price to watch in the near term. A surge through this key level should trigger a bigger rally on the macro level.
In the opposite direction, dropping off the consolidation phase could lead to a major retracement before deciding on the next move. Once it finds a solid ground, we can expect a bounce back. Considering the latest positive sentiment surrounding the market, the price is more likely to go bullish than bearish.
DOGE’s Key Level To Watch
Source: Tradingview
Pushing above $0.48, Doge’s next price target would be $0.6, followed by $0.75. If the price flips those levels, the next area of interest for the bulls would be $0.9.
If the price breaks below $0.35, the immediate support level to watch for a retracement is $0.298. Failure to bounce off this support could bring us to a low of $0.229. Another support level to keep in mind is $0.18.
Key Resistance Levels: $0.48, $0.6, $0.75
Key Support Levels: $0.35, $0.298, $0.229
- Spot Price: $0.44
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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