Dogecoin Price Prediction: A 20% Gain Is Highly Likely
As we approach the last week of November, the number of buyers is increasing in the Dogecoin! Recently, DOGE has managed to break through its most recent resistance without many hurdles. This is an indication that DOGE will continue on a bullish path and could end up gaining 20% in the process.
However, the possibility of a 20% gain comes with a few conditions... If we look at the DOGE chart, it has managed to break the resistances located at $0.0894 and $0.0861 - Earlier, the coin had tried to break through these resistances but failed during the last two weeks. On November 25, DOGE finally managed to break out and gained 7% as a result.
So as long as DOGE trades higher than the above-mentioned levels, it will continue to get support from new bulls. In fact, it could serve as the basis of a new bull run in the DOGE.
$0.1125 Is A Potential Target
It seems that the most probable target for the balls is $0.1125. If we look back, this level of DOGE has served as support from October 30 as well as November 7. So for the potential bullish investors, this level would be an important one to watch!
And if we look at the technical indicators such as RSI, it seems to be crossing the 50 mid-level. Earlier, the RSI had failed to cross this hurdle for two consecutive weeks. This is an indication that the DOGE bulls are back in action and also points towards a sustained trend.
Another factor which supports the bullish outlook is that the last week of November is upon us... Historically speaking, the last weeks are usually more volatile, so a 20% move in DOGE is not so impossible.
However, if the DOGE fails to trade above its most recent support levels, then a move down will also be in the cards. In addition, any big negative event similar to the collapse of FTX could also impact the DOGE's outlook.