Moein Haddadian, a TradingView crypto analyst, has unveiled a new Dogecoin price prediction, suggesting that a breakout is on the horizon. The analyst highlights key resistance levels that must be cleared before the popular meme coin experiences a price recovery above the $0.3 threshold.
Dogecoin Price Faces Resistance On Path To Recovery
Dogecoin has been struggling to regain its upward momentum after trading within a clear downtrend for months now. However, the meme coin’s recent price action suggests that its current momentum may be shifting from bearish to bullish.
According to Haddadian’s Dogecoin chart analysis, the meme coin recently broke above a descending trendline, signaling that sellers may be losing control. The analyst highlights the $0.25 price point as a critical resistance level for DOGE, indicating that a confirmed breakout above this point is crucial for bulls to establish dominance and solidify a bullish trend.
If bulls manage to push the price beyond the resistance level and sustain the breakout, Haddadian expects DOGE to rise toward its next target of $0.30 – $0.334. This price level aligns with a previous supply/resistance zone, highlighted by the larger grey area in the analyst’s price chart.
While an upside breakout for DOGE remains a possibility, the TradingView analyst reveals that this predicted rally can only occur if certain conditions are met. Dogecoin’s $0.16 support level plays an important role in its current bullish structure and its ability to reach the $0.334 target.
Haddadian explains that if the meme coin fails to hold above the support level, the projected bullish scenario could be invalidated, and its price may decline further toward $0.122 or $0.113. Based on the analyst‘s chart, the ideal setup for a sustained recovery for Dogecoin would be to experience a brief consolidation above $0.205 before a breakout rally.
Once Dogecoin crosses its previous resistance level between $0.30 and $0.334, Haddadian predicts that the meme coin could skyrocket to a price high of $0.484. On the flip side, a breakdown below the support level at $0.113 could push Dogecoin’s price as low as $0.08, completely canceling the analyst’s bullish outlook.
DOGE To Enter New Bullish Phase
Crypto analyst Ali Martinez has shared a price chart featuring a SuperTrend indicator, which suggests that DOGE is about to enter its next bullish phase. The grey-shaded area on the chart represents the SuperTrend resistance zone at $0.21, which Dogecoin has remained below throughout its downtrend.
With its price currently sitting at $0.19, Martinez predicts that a breakout and close above the $0.21 resistance could turn Dogecoin’s price action bullish. On the downside, failure to break this key level could lead to a continued bearish or sideways movement.
Featured image from iStock, chart from Tradingview.com
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