As a seasoned analyst with a knack for deciphering cryptocurrency market trends, I find myself intrigued by the current state of Dogecoin (DOGE). The meme coin seems to be caught in a range, as suggested by Trader Tardigrade, but the potential for a breakout is promising. If DOGE manages to surge past its current range, it could potentially reach the $1 psychological price level, marking a new all-time high (ATH).
Crypto expert Trader Tardigrade shares his analysis on the current movement of Dogecoin prices. He notes that due to the latest crypto market downturn, Dogecoin is presently confined within a specific price range. The analyst also speculates potential outcomes if Dogecoin manages to break free from this current price range.
Dogecoin Price Stuck In A Range, What Could Happen Next?
As a crypto investor, I’m excited to share some insights from Trader Tardigrade’s latest post. He predicts that Dogecoin’s price is moving within a specific range. If this range gets broken, it could potentially fuel the ongoing DOGE uptrend. Interestingly, his chart suggests that if the trend continues, we might finally witness Dogecoin reaching the eagerly awaited $1 psychological price level.
Reaching a new peak price for Dogecoin is imminent, with its current record high at approximately $0.73. The graph suggests that this anticipated surge to $1 could occur before the end of the year, making it an ideal ending note for Dogecoin, which has already seen a staggering year-to-date growth of more than 245%.
In an X post, the crypto analyst explained why a bullish reversal could be imminent for the Dogecoin price. He stated that Dogecoin’s daily Relative Strength Index (RSI) has fallen back to a potential rebound zone. The analyst further noted that at this RSI level, DOGE hit a local bottom at $0.095 earlier in September, followed by a parabolic rally to $0.48. If the foremost meme coin were to replicate this price gain, then it could reach $1.35 from its current level.
Trader Tardigrade consistently maintains a positive prediction about the price of Dogecoin. In another post, he suggested that Dogecoin’s growth pattern during each cycle follows a two-step increase trend. Consequently, based on his analysis, he believes the potential peak for Dogecoin in this market cycle will likely range from $3 to $4.
An Analysis Of DOGE’s Price Correction
In an X post, crypto analyst Kevin Capital provided an in-depth analysis of the Dogecoin price correction, which has extended for over a month. The analyst noted that Dogecoin had the weekly golden cross towards the election period but never experienced a pullback as it did in the 2021 bull run when this weekly golden cross happened.
Kevin Capital suggests that the recent dip in Dogecoin’s price is a correction that should have occurred earlier, as it often happens after golden crosses occur. Moreover, during the previous bull market, Dogecoin experienced three 50% corrections before reaching its cycle peak.
Historically speaking, the crypto analyst has pointed out that if the price of Dogecoin touches the macro support structure and the golden pocket, it could result in a 45% decrease – a level that would allow DOGE to continue its upward trajectory. However, the analyst noted that he’d become concerned if Dogecoin were to fall below the $0.26 mark during a weekly closing price.
Currently, as I speak, the value of Dogecoin stands approximately at $0.30, representing a decrease of more than 14% within the past day, based on statistics from CoinMarketCap.
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2024-12-21 04:11