Market Analysis

DOGECOIN PRICE ANALYSIS & PREDICTION (December 1) – Doge Bounces Back Slowly, Can It Breakout Of This Channel?

While some meme coins are yet to recover from their two-week low, Dogecoin bounced back with a 9% gain in the last 7 days. It is currently trading near its channel’s upper boundary as a breakout looks imminent. 

After witnessing a 50% increase during October’s rally, Doge cooled off a bit and went through a small retracement in November. It pinned support at $0.071 and bounced back slowly near its previous high of $0.0876.

This came as a result of an increase in the global market cap and particularly the rise in demand level over the past few days. However, the buying pressure looks a bit slow on the higher timeframe compared to the lower timeframe.

As shown on the daily chart, Dogecoin has reached a crucial trading level and is now on the verge of breaking out of a descending channel – which has been forming since late last year. However, the trading volume inflow is not enough to activate a breakout at the moment.

Should the price become more volatile in the coming days, the coin could see a quick surge towards April’s resistance before pulling back to the ascending channel for support.

It is essential to note that the latest increase in Bitcoin’s price has enhanced the Doge’s recovery from a technical standpoint. A continuous increase in the leading crypto price could bring more recovery to the meme coin giant daily.

Regardless of the short-term recovery in Doge’s price, it is still trading in a bearish zone from a long-term perspective. The price is up today by 3%.

DOGE’s Key Level To Watch

Source: TradingView

Doge is currently targeting the $0.0877 resistance level – October’s high. A surge through that level should propel buying towards $0.095 and $0.105.

If the price keeps respecting this channel, Doge may roll back to the lower boundary. The potential support levels to watch on the way down are $0.0766, $0.070 and $0.0643 successively.

Key Resistance Levels: $0.0877, $0.095, $0.105

Key Support Levels: $0.076, $0.070, $0.0643

  • Spot Price: $0.084
  • Trend: Bullish
  • Volatility: Moderate

Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.