As a seasoned analyst with over two decades of experience in the financial markets, I have seen many bull and bear runs, bubbles, and busts. The Dogecoin situation is unique due to its meme status, but the price action remains a familiar tale for me.
The value of Dogecoin hasn’t met anticipation due to its persistent movement neither up nor down, often referred to as sideways drift, which is causing confusion on its chart and making it challenging to predict where it might be headed next. This uncertainty has resulted in a variety of bullish and bearish patterns appearing on the chart, with sell signals being the latest. As a result, reaching the $1 target seems more elusive given the lack of significant price increase so far.
Multiple Buy Signals On The Dogecoin Daily Chart
On platform X, previously known as Twitter, Dogecoin analyst Kev_Capital_TA posted an analysis suggesting potential downward trends for Dogecoin (DOGE). The crypto expert pointed out that there are two indications signaling a possible sell-off on DOGE’s daily price chart.
As a crypto investor, I’ve noticed some sell signals emerging due to the resistance at the falling wedge where Dogecoin’s price was rejected. This indicates a potential weakness in the market, and it might hint that the current Dogecoin price may struggle to maintain its position. However, these sell signals could be short-term indicators, suggesting a possible drop in value in the near future, but not necessarily a long-term trend.
A key observation made by the cryptocurrency analyst is the growing strength indicated by the 3-Day Linear Moving Average Convergence Divergence (LMACD). This trend goes against the bearish signals displayed on the daily chart. In simpler terms, if the selling pressure materializes, it might not be as severe as initially anticipated.
The analyst suggests that, despite a potential drop in Dogecoin price, such a decline may be brief due to continued upward momentum over the past three days. This momentum seems to outweigh the daily downward trends, suggesting a quick recovery and eventual breakthrough of the current upward wedge pattern. In essence, it’s a tug-of-war between the bullish trend over three days and the bearish signals on a daily basis.
Can DOGE Still Reach $1?
Despite the recent market upturn, Dogecoin investors are still a considerable distance from their goal of reaching $1. In response to Kevin’s post, a user questioning whether the DOGE price could possibly reach $1 during the upcoming bull run was addressed.
Kevin, the crypto analyst, suggested that there’s a 60% likelihood that the meme coin won’t hit its target price of $1, while there’s a 40% chance it will. This indicates that the $1 goal is quite distant, and the massive 1,000% surge needed to reach it may not occur in the near future.
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2024-09-28 02:11