As a seasoned analyst with over two decades of experience in the financial markets, I have learned to navigate through bull and bear cycles with a keen eye for trends and patterns. Having closely observed Dogecoin’s journey since its inception, I must admit that it has been quite the rollercoaster ride.
Dogecoin remains a popular favorite among altcoins in the cryptocurrency market, with recent drops not dampening optimistic projections for this meme-based coin. Analysts persistently highlight various bullish trends on its graph, suggesting that the value will likely climb further. A fresh prediction by crypto analyst DaanCrypto fuels the bullish sentiments as they predict an uptick in price.
Levels To Watch For Dogecoin
As an analyst looking back on 2024, it appears that Dogecoin’s price trend has predominantly been downwards for much of the year, breaking through several key trend lines. The $0.1 mark, unfortunately, could not withstand the growing bearish pressure and gave way in September. Yet, there are signs indicating that the worst may be behind us for this meme coin. The outlook seems to be improving once more.
Cryptocurrency expert DaanCrypto shared on X (previously known as Twitter) that the Dogecoin cost appears to be escaping its long-term declining trendline. This descending trend has been affecting the price all year, but a breakout suggests optimistic prospects for the DOGE‘s future value.
As I analyze the current situation with Dogecoin, I see that if the price maintains its support around $0.105 from here, it could be a positive indication of a stable trend. Conversely, for a clear confirmation of an uptrend, the price needs to surpass the resistance level at $0.12.
If the support level is maintained and the $0.12 resistance is broken, the crypto analyst thinks this will trigger an uptrend, signaling “the celebration begins.” Conversely, if the support fails, there’s a chance the downtrend persists, potentially causing Dogecoin to drop back towards $0.09 once more.
$DOGE Breaking out of the down trend line it has been trading below since March this year.
Needs to hold on to $0.105 and clear $0.12 to get the party started.
— Daan Crypto Trades (@DaanCrypto) September 15, 2024
Overlooking A Bullish Quarter
2024’s second and third quarters saw a downtrend in Dogecoin prices, but as September winds down, there’s speculation that the meme coin could soon be on its way to one of the most bullish quarters of the year. So far, October is showing promising signs, and it seems we might be in for another bullish run this year as well.
Based on information from CryptoRank’s website, Dogecoin has been averaging a return of approximately 8.59% in October. If this trend continues, the price of DOGE might surpass $0.12. This potential increase could persist until the end of the year as experts predict another bull market is on the horizon.
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2024-09-17 15:41