Analyst Mikkybull Crypto recently informed his followers on the platform X (formerly Twitter) of a potential significant price surge for Dogecoin, mentioning the possibility of a "god candle," signaling an imminent price spike.

Current Overview of Dogecoin

The Dogecoin price chart shows that it reached an all-time high of about $0.70 in January 2021 due to media coverage and social media fervor. After hitting its peak, the price dropped sharply and has since remained relatively stable, moving within support and resistance zones. Currently, Dogecoin is in a correction phase, gradually declining since mid-2023. Weekly candlesticks show a series of lower highs, signaling a continued bearish trend. Nevertheless, the key support level between $0.055 and $0.06 has proven robust.

Key Resistance and Support Levels

The descending trendline visible on the DOGE chart reflects ongoing bearish pressure, connecting lower highs and presenting resistance near the $0.08 to $0.09 range. A breakout above this trendline could confirm a bullish reversal. On the support side, Dogecoin's price holds near the $0.055 to $0.06 zone, acting as a crucial support over the past two years. If DOGE holds this support and breaks the descending trendline, the price might rally significantly.

MACD Signals and Bearish Momentum

On the weekly DOGE chart, the MACD indicates a negative trend. The MACD line has crossed below the signal line, with the histogram showing increasing bearish strength, confirming existing pressure. Despite this, strong buying volume could trigger a trend reversal. A breakout above the $0.09 level could lead to a significant price rally, akin to the bullish spike seen in 2021. The market is watching closely for signs of increased buying pressure as Dogecoin approaches the critical resistance level.

Despite the ongoing bearish trend, strong buying volume could help Dogecoin recover and experience a significant price surge, attracting the attention of analysts and traders.