Dogecoin has more than doubled in November, making it one of the best-performing meme coins. This momentum coincides with the ongoing Bitcoin-led crypto rally. In altcoin, meme coin sector has taken the charge. As a result, this article explore how high Dogecoin price could go in December.
Dogecoin Price Could be Preparing Big Moves in December
Dogecoin is on track to have its first weekly close in the red since October, evidence of how dominant its bull run has been. Such a retracement is normal even in the biggest bull runs in the market.
Ali Martinez, a popular crypto pundit noted that the coin was about to have a strong bullish breakout. He estimates that the coin will jump to $0.82, which would imply a 85% surge from the current level.
Other analysts are more optimistic since DOGE price pullback happened as it neared the important resistance level at $0.50. This is similar to Bitcoin, which pulled back recently as it approached the psychological point of $100,000.
As such, if it finally breaks $0.5, there are odds that it will then soar to $1 as most analysts expect. In a recent note, Trader Tardigrade estimated that the coin will then jump to between $5 and $10 if it manages to cross $1.
Dogecoin Technical Analysis: Is DOGE Ripe For A Strong Breakout?
The weekly chart shows that the value of DOGE remained in a tight range between $0.1 and $0.22 for about three years. In most cases, such a move is usually a sign that a slow accumulation is going on, which results into a strong bullish breakout.
This breakout happened this month as the coin jumped above the key resistance at $0.2265, its highest level in March this year. It has moved slightly above the ultimate resistance of the Murrey Math Lines, a sign that it has momentum.
Also, the coin has jumped above the 50-week and 100-week moving averages, signaling that bulls are in control. There are also signs that the Dogecoin price is slowly forming either a bullish flag or a pennant.
Therefore, a strong breakout above this month’s high of $0.49 will increase the odds of the coin soaring to $1 in December. The coin needs to rise by about 145% from the current level, which is possible since it rallied by 155% this month.
The positive Dogecoin price forecast will become invalid if the DOGE price falls below the support at $0.30, which is the strong pivot and release level of the Murrey Math Lines. If it happens, there is a likelihood that the coin will drop and retest the support at $0.2265.
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