Dogecoin Faces 22% Decline, Analysts Predict 800% Potential Rally
Dogecoin experienced a 22% decline this week and is currently 70% below its all-time high of $0.73.
Dogecoin's Potential Recovery
- Market analysts anticipate an altcoin season in Q4, fostering bullish sentiment for Dogecoin.
- Analysts from Bitcoinsensus highlight an ascending trendline on DOGE's weekly chart, suggesting potential rallies similar to those with 300%-500% gains last year.
- The critical support level identified is $0.14, vital for maintaining upward momentum.
- Bitcoinsensus forecasts a target price of $1.30 for DOGE, indicating an 800% rally if bullish trends hold.
Economic Indicators and Market Movements
- US jobless claims decreased to 218,000, reflecting a strong labor market.
- The US GDP estimate was revised up to 3.8%, showing robust consumer spending.
- Positive economic indicators may shift investor interest from traditional assets to riskier ones like Dogecoin, potentially sparking a new altcoin season.
Key Support and Resistance Levels
- Resistance levels: $0.24, $0.27, and $0.28. A breakthrough could lead to $0.30.
- Support levels: $0.14 (strong psychological support), $0.21, $0.19, and $0.16.
Dogecoin is currently attempting to stabilize at $0.222 amidst ongoing corrections.