While Dogecoin’s (DOGE) bullish momentum has stalled in recent days, analysts remain confident of a resurgence.
Dogecoin fell 8% in the last 24 hours, currently trading at $0.3900. The bearish performance weakened its weekly gains to just a 2.29% rise. However, on a monthly time frame, Dogecoin still shows a gain of 188%.
In a recent analysis On TradingView, market commentator MadWhale predicted that Dogecoin is preparing for a sharp price rally to the $0.55 level, one of its highest points last seen at the top of the last bull market .
While acknowledging bearish movements and consolidation in the short term, MadWhale predicted a 37% price rise for DOGE. He highlighted a key support level identified through Fibonacci retracements, noting that Dogecoin broke through major resistance at the $0.3000 level, just above the 50% Fibonacci retracement.
Notably, DOGE is trading well above this level despite the recent pullback.
MadWhale’s confidence in Dogecoin’s upward momentum is supported by growing trading volumes and increased influence on social media. He believes the meme coin is in a position where it could see a more substantial rally when the bulls re-emerge.
Other Analyst Views on Dogecoin in the Short Term
Meanwhile, in a separate comment, analyst Bluntz suggested that Dogecoin’s current wave 4 correction is over. He noted that the coin has seen a “flat” upward and sideways correction over the past couple of weeks, with many traders becoming bored and focusing on other opportunities.
However, Bluntz emphasized that Dogecoin’s parabolic move is only just beginning. According to him, profit taking should not occur until the price reaches at least $1.
Another analyst, Trader Tardigrade, common a similar outlook for Dogecoin’s short-term performance. He pointed out that the recent daily candle closed with a retest of the Bull Pennant pattern.
He highlighted that the Bull Pennant target for Dogecoin remains at $0.85, which would mark an all-time high for the king of coins.
Dogecoin Long-Term Outlook
On the longer-term outlook, market observers like Ali Martinez plan a speculative price rise of between 9,000% and 30,000%, similar to gains seen in previous cycles. If this happens, it could propel the price of Dogecoin well beyond $10.
However, Martinez also warned that a significant price correction of 40-50% could take place en route to these ambitious price targets.
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