Dogecoin more than doubled in November, making it one of the best performing meme coins. This momentum coincides with the ongoing crypto rally led by Bitcoin. In altcoin, the coin sector has taken the lead. As a result, this article explores how high the price of Dogecoin could reach in December.
Dogecoin price could prepare for big moves in December
Dogecoin is poised for its first weekly close in the red since October, evidence of the dominance of its bull run. Such a retracement is normal, even during the market’s biggest bull runs.
Ali Martineza popular crypto expert noted that the coin was on the verge of a strong bullish breakout. He estimates that the coin will rise to $0.82, which would imply an 85% increase from the current level.
Other analysts are more optimistic since DOGE price pulled back as it neared the important resistance level at $0.50. This is similar to Bitcoin, which recently pulled back as it approached the psychological point of $100,000.
As such, if it ultimately rises above $0.5, there is a good chance it will reach $1, as most analysts predict. In a recent note, Tardigrade Trader Estimate that the coin will then go between $5 and $10 if it manages to cross $1.
Dogecoin Technical Analysis: Is DOGE ripe for a strong breakout?
The weekly chart shows that the value of DOGE has remained in a tight range between $0.1 and $0.22 for about three years. In most cases, such a move is usually a sign of a slow buildup in progress, which results in a strong bullish breakout.
This breakout occurred this month as the coin rose above key resistance at $0.2265, its highest level in March this year. It has moved slightly above the ultimate resistance of Murrey’s mathematical lines, a sign that it has momentum.
Furthermore, the coin surged above the 50- and 100-week moving averages, signaling that the bulls are in control. There are also signs that Dogecoin price is slowly forming either a bull flag or a pennant.
Therefore, a strong breakout above this month’s high of $0.49 will increase the chances of the coin hitting $1 in December. The coin is expected to rise by around 145% from the current level, which is possible since it is up 155% this month.
The positive Dogecoin Price Forecast will become invalid if the DOGE price falls below the support at $0.30, which is the strong pivot and exit level of the Murrey Math Lines. If this happens, it is likely that the coin will move lower and retest the support at $0.2265.
Frequently Asked Questions (FAQ)
The most likely scenario is that Dogecoin price rises to $1 in December. This prediction will happen if the coin breaks the key resistance at $0.50.
The alternative scenario is where the coin drops to $0.2265, the highest point in March this year, and the upper part of the cup and handle pattern.
The most likely catalyst for Dogecoin price is the crypto’s current bull run and its strong technicals.
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Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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