Dogecoin Price To Witness A 37% Surge: MadWhale Predicts

Crypto analyst MadWhale has provided a bullish outlook for the Dogecoin price. The analyst predicted that the foremost meme coin could witness a significant rally and highlighted support areas that market participants should focus on.

Crypto analyst MadWhale has predicted a bullish outlook for the Dogecoin price.

The analyst predicted that the foremost meme coin could witness a significant rally and highlighted support areas that market participants should focus on.

Dogecoin Price To Witness A 37% Surge

In a TradingView post, MadWhale predicted that the Dogecoin price would likely witness a 37% rally to $0.55 soon. However, the crypto analyst warned that short-term bearish movements or consolidation phases could occur before the major uptrend. MadWhale suggested that this wasn’t something to worry about, as these patterns often appear before a significant surge.

MadWhale highlighted key support levels using Fibonacci retracements to manage these Dogecoin price fluctuations better. The crypto analyst’s accompanying chart showed the $0.3 level as the main support based on the Fib level. A bounce of this support level could send Dogecoin to the $0.55 target.

The crypto analyst also indicated that the Dogecoin price is showing significant strength, surpassing long-standing resistance levels, which MadWhale mentioned signals an important shift. The analyst said this is a key development as Dogecoin gains momentum with higher trading volumes and growing social media influence.

Dogecoin price showing strength as it breaks through long-standing resistance levels. Crypto analyst MadWhale highlights key support areas to watch for DOGE.

As reported by crypto news, Dogecoin has been consolidating in the $0.3 range after facing rejection at the 0.786 Fib level, which is around $0.4. Crypto analyst Kevin Capital recently stated that Dogecoin must cleanly and violently break above this resistance level for any major price rally to the upside.

DOGE Ready For The Next Move To The Upside?

In another development, crypto analyst Trader Tardigrade suggested that the Dogecoin price was ready for its next leg to the upside. In an X post, the analyst stated that Dogecoin is ready for the next run. He identified a Hidden Bullish Divergence on the 4-hour Relative Strength Index (RSI) chart, which provides a bullish outlook for DOGE.

Trader Tardigrade explained that this RSI Hidden Bullish Divergence occurs when the price forms higher lows while the RIS forms lower lows. He added that this signal indicates an uptrend continuation for the Dogecoin price. Meanwhile, it is worth mentioning that crypto analyst Ali Martinez recently affirmed that the Dogecoin bull run is on and noted that these corrections are typical in every parabolic bull run Dogecoin has recorded.

At the time of writing, the Dogecoin price is trading at around $0.38, down almost 2% in the last 24 hours, according to data from CoinMarketCap.