Analyst Expects DOGE Price To Retest $0.23 Before Major Breakout

Dogecoin (DOGE) Poised for Major Resistance Breakouts

Dogecoin (DOGE) is anticipated to encounter significant resistance zones as it charts an upward trajectory. MadWhale, a prominent Dogecoin analyst, predicts a potential resistance test at $0.23, followed by a push towards $0.34.

Historically, these levels have posed challenges for Dogecoin, with the price unable to sustain above them for over a year. Additionally, selling pressure has been prevalent at the $0.23 resistance level. However, a surge in trading volumes and positive investor sentiment suggest that a breakout past this threshold could pave the way for new all-time highs.

Overcoming the $0.23 barrier would set the stage for the next major resistance level of $0.34, a price point unseen since the crypto market's bull run in 2021.

Market Movement and Short-Term Price Outlook

DOGE has recently exhibited steady growth, rising from $0.1065 to $0.1913, an increase of 81.19%. However, it has undergone a slight correction in the last day, dropping by 4.52% to approximately $0.1866.

This dip has reduced its market capitalization to $27.66 billion and its trading volume by 24% to $5.07 billion. Despite these fluctuations, MadWhale remains optimistic as Dogecoin bulls have defended the $0.08 support level on the 12-hour chart. This support trendline has fueled the recent rally, and the analyst anticipates potential consolidation around $0.17.

Such a move would confirm the bulls' hold on the key level and create a path for Dogecoin to surpass $0.23, paving the way for an additional 82% surge towards $0.34.

Analyst Insights: Key Price Levels for Dogecoin

Beyond MadWhale's analysis, other industry experts have also provided perspectives that support a bullish outlook for Dogecoin. The $0.23 and $0.34 levels are identified as critical supply zones that could shape the coin's short-term direction.

These levels have historically acted as barriers during previous rallies, with sellers dominating buyers. However, current market conditions indicate the possibility of a breakout:

• **$0.23 Resistance:** A successful breach of this level could trigger a significant uptrend, potentially leading to an 82% increase towards $0.34.
• $0.34 Resistance: This price point represents a key milestone that could signal the beginning of a sustained bull run for Dogecoin.

Other Projections on Dogecoin's Potential Growth

Apart from MadWhale, other notable market figures have expressed positive sentiments towards DOGE.

• Peter Brandt: This veteran analyst observes a bullish divergence from a multi-month descending triangle pattern, suggesting potential price appreciation.
• Ali Martinez: Based on historical performance, Martinez predicts the possibility of Dogecoin reaching new all-time highs, ranging between $4 and $23.