DOGE’s support has held it at the $0.37 level today, with analysts noting formations which suggests an incoming breakout.
Analyst Predicts Dogecoin ‘Cup And Handle’ Formation Could Propel it to $0.82 In December, Support Remains At $0.37.
The price of Dogecoin has plunged by 12% today, sinking to $0.3796 as the cryptocurrency market falls by 7.5% in the past 24 hours.
Today’s decline means DOGE has lost 1.5% in a week and 7% in a fortnight, with the meme token still up by a whopping 176% in the past month.
Despite its big 24-hour correction, the coin remains in a position to make further gains in the coming weeks, with analysts noting that a classic ‘cup and handle’ formation could help it surge to $0.82 in the current cycle.
And with the Dogecoin Foundation recently soliciting new major donors for the coin’s development and expansion, the future also looks very good for DOGE in terms of its fundamentals.
Analyst Predicts Dogecoin ‘Cup And Handle’ Formation Could Propel it to $0.82 In December, Support Remains At $0.37
Popular analyst and trader Ali Martinez has followed Dogecoin through the post-election bull market, having previously claimed that the token has entered a parabolic surge.
A few days ago, he added to his running commentary by noting that DOGE is “in the middle of a bullish breakout to $0.82.”
And while today’s drop makes half of his analysis a little obsolete, Martinez also predicted that a rally towards $0.82 would be on for as long as the $0.37 support holds.
And so far, despite today’s correction, this support level is indeed still holding.
Source: TradingView
What’s encouraging about DOGE’s one-hour chart is that it shows the coin’s indicator nearing bottoms.
This implies that a concerted rebound back towards $0.40 is very close.
There are also fundamentals reasons to be bullish about DOGE, with the Dogecoin Foundation recently making a call for donors.
This has the aim of boosting DOGE’s development and adoption, and when combined with the bullish direction of the wider market, such development could help the Dogecoin price reach $0.82 by Q2 2025.
