Analyst Says Dogecoin Next Target is an 82% Uptick to Monthly Resistance at $0.34
TradingView analyst MadWhale claims Dogecoin's subsequent upward trajectory would see it target its monthly resistance at $0.23 and $0.34.Dogecoin's bullish momentum has lost steam in the past 24 hours. The largest meme coin by market cap has corrected 4.52% in the past day and 10.2% from its weekly high of $0.2121, which it attained on Wednesday.Before today's price correction, Dogecoin had outperformed most assets in its caliber, fueled by its romance with Tesla CEO Elon Musk. The X owner's profound involvement in Donald Trump's reelection sparked an almost 80% increase in the dog-themed meme coin in the past 30 days.Amidst the latest price correction, analyst MadWhale believes Dogecoin's next upward push would target two major monthly resistances. The market analyst also gave a short-term price expectation for the meme coin.MadWhale Insists Monthly Resistance is Next Dogecoin's TargetIn a November 7 TradingView analysis, the market commentator identified that Dogecoin has maintained a trendline in its price uptick in the 12-hour timeframe. This trendline acts as daily support for the token before its next bullish uptrend.MadWhale asserted that he expects Dogecoin to retest the daily support zone around $0.17 before continuing its uptrend. After retesting the area, the market commentator noted that DOGE will target the two major monthly resistances at $0.23 and $0.34.The market analyst's commentary shows that the supply zones at $0.23 and $0.34 act as a multi-year resistance for Dogecoin, as it last traded around the region during the last bull cycle in 2021. Notably, a surge from DOGE's current market price to the resistance zones will entail a 23% and 82% growth, respectively.
Text source: The Crypto Basic
