Hidden Bullish Divergence Appears On Dogecoin Price Chart, Here’s What To Expect Next

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As a seasoned crypto investor with a knack for spotting opportunities and a penchant for taking calculated risks, I find myself intrigued by the recent technical analysis pointing towards a potential Dogecoin price surge. The hidden bullish divergence on the 4-hour RSI chart as identified by Trader Tardigrade is indeed an interesting development.

A hidden Bullish Divergence pattern has just been identified on the Dogecoin price chart, signaling possibilities of a significant uptrend. With this new technical pattern, a crypto analyst has projected a target of $0.7 for the Dogecoin price. 

Bullish Divergence Hint At Dogecoin Price Surge

On November 20th, crypto expert Trader Tardigrade, previously known as Twitter user X, revealed a concealed bullish divergence on the Dogecoin 4-hour Relative Strength Index (RSI) chart. This unusual technical signifier suggests that the meme coin could be preparing for a substantial price increase in the near future, according to Trader Tardigrade’s Dogecoin price prediction.

Generally, a Bullish Hidden Divergence in RSI (Relative Strength Index) happens when the value of a cryptocurrency like Dogecoin experiences lower lows in terms of price, but its RSI displays lower lows as well. This means that while the RSI indicates decreasing momentum for Dogecoin, its price is still holding strong, hinting at a greater possibility of the uptrend persisting further.

Lately, Dogecoin’s value has experienced a significant upward trend, soaring from around $0.1 to more than $0.35 in a short period of time. This strong surge has given Dogecoin, the well-known meme coin, the opportunity to challenge the $0.4 resistance level, an important barrier that could potentially spark a substantial increase in Dogecoin’s value.

According to Trader Tardigrade’s analysis of the Dogecoin chart, there appears to be an emerging RSI Hidden Bullish Divergence near the $0.37 mark. This suggests a potential bullish outlook for Dogecoin, with the analyst predicting a target price of $0.7. If Dogecoin can sustain its positive trend, it could experience steady, continuous growth towards this target from its current price level.

Currently, the price of Dogecoin stands at $0.38, representing a significant rise of 165.19% over the past month as per CoinMarketCap. Even though it has consistently fallen short of breaching the $0.4 mark, if the anticipated bullish trend indicated by the Hidden Bullish Divergence materializes, Dogecoin could potentially experience an increase of 84.2%, which would bring its price close to or even surpassing its previous all-time high (ATH) of $0.73 achieved during the May 2021 bull market.

DOGE Targets New ATH

In another X post, crypto analyst, Steph, has maintained an optimistic outlook on the Dogecoin price. According to Steph, Dogecoin could be gearing up for a new ATH this bull cycle. 

The researcher displayed a 2-year graph depicting Dogecoin’s price trajectory, highlighting a potential bullish peak ranging from $1.4 to $1.8 for this popular meme currency. According to the analyst’s interpretation of the chart, this record high surge may occur as early as the end of 2024 or extend into the year 2025.

According to present market patterns, this significant increase in price to an all-time high might be due in part to Elon Musk’s impact through his recent venture, the Department of Government Efficiency (D.O.G.E). Moreover, Donald Trump’s imminent inauguration as the 47th President of the United States could potentially boost Dogecoin’s price even further.

 

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2024-11-22 11:56