Dogecoin Price Could Explode Soon: Top Analyst Weighs In

• The Dogecoin price has surged by 7% in the past two days and reached the 20-day EMA level.
• After the recent correction, the chart structure has generated a buying scenario.

Dogecoin (DOGE) price has witnessed a strong bullish rally in recent times. That bullish trend was interrupted near the $0.500 territory, and the trend was reversed. The Dogecoin price declined by 11% on December 10 and sellers took this advantage. The price displayed a sharp fall and melted to the major support level of $0.300 after consolidating for a week.

The DOGE price has been hovering at the support level of $0.300 for the past two weeks. It has recently shown bullish momentum and climbed to the 20-day EMA level.

This might bring bullish momentum back, and bulls might participate. DOGE crypto price has triggered a breakout, and analysts expect strong buying pressure.

Is Dogecoin Price Preparing for a Bullish Rally?

Trader Tradigrade is a well-known crypto analyst who claimed that the DOGE price has the potential for an explosive surge. The price has triggered a breakout from a descending triangle on the support level in a daily time frame.

After a successful breakout, the price might shoot up soon, and it may also recover previous losses. If the cryptocurrency market remains bullish, buying pressure can be generated.

Another Dogecoin price action chart showed its rejection of the daily 8 EMA. This was clear that DOGE tried to break through this exponential moving average but was thwarted. Dogecoin displayed a string of higher highs (HH) in a 10-minute timeframe during the observed period, indicating an upward trend that found it difficult to sustain momentum at higher levels.

DOGE Price at a Major Support Level; Could It Touch the Sky Again?

Dogecoin crypto was trading at $0.33 at press time after surging by 3.62% over the past 24 hours. This meme coin’s market capitalization was $49.55 billion, and the 24-hour trading volume was $2.6 billion. The trading volume has advanced by 35% in the past 24 hours.

Suppose the price exceeds the 20-day EMA, bulls may dominate ahead, and a bullish rally can be anticipated. Once the Dogecoin price surpasses the crucial zone of $0.400, it would be a buying opportunity. Amid this bullish momentum, the price might record a new all-time high (ATH).

Conversely, if the price loses the major support level of $0.300, sellers may become strong. Losing this level could bring fear among investors and they might prefer to book profit. Here, profit booking might trigger bearish momentum.

DOGE Price Analysis and Forecast

The Dogecoin price is currently positioned at a critical support level of $0.300, following a recent surge of about 7% and a consolidation phase. The latest Dogecoin news suggests that bullish momentum could be on the horizon.

The price needs to break above the 20-day EMA and the crucial resistance level of $0.400 to trigger that bullish momentum. If that happens, it may present a favorable buying opportunity, potentially leading to a new ATH.

However, investors should remain cautious, as a drop below the major support level of $0.300 could signal bearish trends. It might provoke profit-taking among traders. As the market evolves, staying informed on the DOGE price performance will be essential for making strategic investment decisions.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.