Dogcoin has always lacked a major catalyst, but the candlestick closing price above $0.0835 may trigger the beginning of a new bullish trend for Dogcoin,DOGE may face the beginning of a new bull market and may reach the highly anticipated $1 level
Dogcoin has always lacked a major catalyst, but the candlestick closing price above $0.0835 may trigger the beginning of a new bullish trend for Dogcoin,DOGE may face the beginning of a new bull market and may reach the highly anticipated $1 level.
Analysts' Views on the Future Price of Dog Coin (DOGE)
Cryptocurrency analyst and trader Ali Martinez shared his views on the potential future performance of dogcoin prices. Experts believe that primitive canine cryptocurrencies based on Chaigou memes may rise to $1. Analysts say that currently, DOGE is ending its years of declining triangular pattern.
The weekly candlestick closing price above $0.0835 may become the beginning of a new bullish trend for DOGE, and may even push it towards $1. However, investors need to remain cautious, especially around the support level of $0.0482.
Market observers point out that the recent trend of DOGE has shown a rebound pattern from support level to resistance level. Although the currency is currently on an upward trend, price fluctuations still exist.
However, some analysts believe that if the closing price this week is above $0.0835, it may trigger a new round of bullish trends. This may lead to a significant increase in the price of DOGE, possibly even reaching $1.
As of the deadline for publication, the trading price of Dog Coin has increased by 1.18%, with a price of 0.058 US dollars and a market value of 8.28 billion US dollars. The oversold of DOGE in the past few months may lead to a strong rebound, potentially laying the foundation for the cryptocurrency's strong closing this year.
Prediction of Dog Coin Prices
Relying solely on technical indicators, many analysts predict that DOE is about to recover.
After falling below 50 in the past two months, the Relative Strength Index (RSI) has once again approached the 30 mark, often falling below 40 or even lower during this period.
In addition, the 30 day moving average (EMA) of the DOGE index has been significantly lower than the 200 day moving average for several months, indicating that the currency is severely undervalued and is expected to show a potential upward trend.
However, investors also need to remain cautious, as the dog currency has been losing support, which implies the strong control of bears. Recently, it has fallen below the key support level of $0.60.
In addition, the prevailing sentiment suggests that whales are more inclined to unload tokens rather than accumulate them, as can be seen from recent large transfers.
In addition, a significant sign of weakness is the decline in DOGE 24-hour trading volume, which plummeted from a peak of $9 billion in November last year to about $175 million today. This decline once again proves the weakening of market interest in the token.
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