DOGECOIN (DOGE), the main same in the cryptocurrency space, faced significant challenges this week, knowing a drop of 22%. According to data From Coingecko, DOGE is almost 70% less than its summit of $ 0.73. Despite these setbacks, analysts remain optimistic about the performance of future Dogecoin prices.
Dogecoin on the right track for the major rally
The planned start of an Altcoin season in the last quarter of the year, combined with critical support levels, contributed to a bullish feeling among market observers.
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Bitcoinsensus analysts have boldly assertive On the social media site X (formerly Twitter), which Dogecoin is at the dawn of an important ascending movement, citing support for the ascending trend line of the cryptocurrency visible on its weekly graphic.
Their analysis indicates that Dogecoin reflects the models of previous rallies which have experienced price increases of 300% and 500% between September and November from last year.
This suggests that even with current corrections that push the price of less than $ 0.20, DOGE It remains well positioned to resume its momentum up at any time. The crucial level of support they identified amounts to $ 0.14, a threshold which, if maintained, could cause a quick rebound.
Bitcoinsensus provides for a potential objective of $ 1.30 for Dogecoin, which implies an extraordinary rally of 800% for bullish investors. This is reinforced by the broader economic context, in particular in the light of recent unemployment reports and raw interior products (GDP).
Path to recovery, key support and resistance levels
Motley Fool analysts note This unemployed weekly complaint for the week ending on September 20 showed a drop to 218,000, falling below expectations and indicating a resilient labor market.
Meanwhile, the US trade department has revised its estimate of the gross domestic product in the second quarter to 3.8%, reflecting robust consumption expenditure, the strongest quarterly growth observed in more than two years.
Such economic indicators could positively influence the prices of cryptocurrencies, as investors often run from traditional active Like the Nasdaq and the S&P 500 in more risky active ingredients, including Dogecoin. This movement could potentially trigger a new season of Altcoin, provided that a sufficient liquidity enters the market.
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For the future, Dogecoin faces key resistance levels that must be overcome for sustained recovery. The price of the same was rejected at $ 0.24 three times, with additional obstacles to $ 0.27 and $ 0.28. The realization of a breakthrough in these areas could prepare the ground for a movement towards the bar of $ 0.30.
Conversely, if DOGE retraces, strong psychological support is observed at $ 0.14, with additional levels at $ 0.21, $ 0.19 and $ 0.16, which historically acted as important rebound points for the token.
At the time of writing the editorial staff, the same price tries to stop its current correction at $ 0.222.
Dall-e star image, tradingView.com graphic
