Dogecoin maintains its position as one of the most beloved altcoins in the crypto market, and the decline over the last few months has not eroded the bullish expectations for the meme coin. Analysts have continued to point out that the DOGE price is forming multiple bullish patterns on its chart and believe that the price is destined to go higher. A new prediction from crypto analyst DaanCrypto has added to the bullish expectations as the analyst forecasts a price jump.
Levels To Watch For Dogecoin
For the better part of the year 2024, the Dogecoin price has been in a downtrend and has broken below multiple trend lines. Even the $0.1 was unable to properly withstand the mounting bearish pressure and eventually succumbed in September. However, the worst may be over for the meme coin as optics are starting to look up again.
Crypto analyst DaanCrypto took to X (formerly Twitter) to inform the community that the Dogecoin price is finally breaking out of its down trend line. This down trend line has plagued the price throughout this year, but a break out of it is ultimately bullish for the DOGE price.
While this break is forming, there are multiple levels that the Dogecoin price will need to hold and also break in order to have complete confirmation. On the bottom side, the crypto analyst explains that if the cryptocurrency’s price can hold support at $0.105, then it is a good sign for the price. On the other end of the spectrum, the Dogecoin price will have to clear the resistance at $0.12 for confirmation of the uptrend.
If both the support level is held and the $0.12 is cleared, then the crypto analyst believes that this will “get the party started.” However, if the support does not hold, then it is possible that the downtrend does continue and Dogecoin could risk falling to $0.09 once again.
$DOGE Breaking out of the down trend line it has been trading below since March this year.
Needs to hold on to $0.105 and clear $0.12 to get the party started. pic.twitter.com/nPbatv78Vt
— Daan Crypto Trades (@DaanCrypto) September 15, 2024
Overlooking A Bullish Quarter
The second and third quarters of 2024 have so far been bearish for the Dogecoin price, but with September drawing to a close, there is the possibility that the meme coin is about to enter one of the most bullish quarters of the year. So far, October has been very bullish and this year may not be any different.
According to data from the CryptoRank website, average returns for Dogecoin in the months of October is +8.59% and if this holds, then the DOGE price could be headed for above $0.12. This could carry straight through to the end of the year as the market is expected to enter another bull run.
Featured image created with Dall.E, chart from Tradingview.com
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