Market analysts continue to project a bullish outlook for Dogecoin (DOGE), with its price trajectory drawing comparisons to XRP’s recent explosive performance. While DOGE has experienced a modest decline of 3.34% so far in December, it remains strong above the $0.40 level. Following a 160% rally in November, analysts anticipate another upward surge, with targets set as high as $1.15.
Renowned analyst Jacob Canfield notes that DOGE’s current trend mirrors XRP’s recent behavior in shorter time frames. XRP recently soared by 52%, reclaiming the $2 mark for the first time in nearly seven years. Canfield points to DOGE’s pattern of forming higher lows and flipping previous resistance levels into support as indicative of potential further gains. Key resistance levels are identified at $0.48 and $0.55, aligning with Fibonacci extensions, while $0.66 serves as a long-term target.
Separately, analyst Rekt Capital highlights a daily ascending triangle pattern for Dogecoin. This bullish structure indicates growing buyer interest near key support levels. Rekt Capital emphasizes that a daily close above $0.43 was crucial for a breakout, which occurred recently, further strengthening DOGE’s upward momentum. However, the coin has since dipped slightly, trading at $0.4046 while holding firm at the $0.40 support level.
Adding to the optimistic outlook, analyst Trader Tardigrade draws attention to Dogecoin’s relative strength index (RSI) on the 4-hour chart. Recent RSI bounces from oversold zones have historically led to price spikes of 40% and 200%. Tardigrade suggests that if this trend continues, DOGE could see a rally exceeding 200%, potentially pushing the price past $1.15.
Despite some short-term volatility, analysts agree that $0.40 is DOGE’s immediate support, with significant resistance at $0.55 and $0.66. If bullish momentum persists, the ambitious $1.15 target becomes achievable, aligning with Dogecoin’s history of sharp rallies.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct thorough research before making investment decisions.