The anticipated onset of an altcoin season in the last quarter of the year, combined with critical support levels, has contributed to a bullish sentiment among market watchers.
Their analysis indicates that Dogecoin is mirroring the patterns of previous rallies that saw price increases of 300% and 500% between September and November of last year.
Bitcoinsensus forecasts a potential target of $1.30 for Dogecoin, implying an extraordinary rally of 800% for bullish investors. This is reinforced by the broader economic context, particularly in light of recent jobless claims and gross domestic products (GDP) reports.
Meanwhile, the US Commerce Department revised its second-quarter gross domestic product estimate upward to 3.8%, reflecting robust consumer spending, the strongest quarterly growth seen in over two years.
Looking ahead, Dogecoin faces key resistance levels that need to be overcome for a sustained recovery. The memecoin’s price has been rejected at $0.24 three times, with additional obstacles at $0.27 and $0.28. Achieving a breakthrough in these areas could set the stage for a move toward the $0.30 mark.
Conversely, should DOGE retrace, strong psychological support is seen at $0.14, with further levels at $0.21, $0.19, and $0.16, which have historically acted as significant bounce points for the token.
At the time of writing, the memecoin’s price attempts to stop its ongoing correction at $0.222.
Featured image from DALL-E, chart from TradingView.com
