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As the crypto market rises the bullish wave rises Donald Trump’s victory in the election of the President of the United States, the price of Dogecoin emerged as the top performer, gaining more than 25% at the beginning of this week. With momentum building to a potential all-time high, the crypto analyst highlights that Low risk of Dogecoin went down a lot. This positive change is due to the recent bullish trend in the 1-month, 2-month, 3-month, and 6-month candles, which are now inverted.
Dogecoin Price Outlook Bright with Long Term Candles
In a recent technical analysis, crypto analyst X (formerly of Twitter) identified as ‘Coach’ announced that i Dogecoin long candlesespecially the indicators 1M, 2M, 3M, and 6M, all change. These monthly candles show cryptocurrency’s price performance long term and are often used to measure capital markets.
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In the case of Dogecoin, these long-term candles highlight that the coin has a meme price increases recorded unchangedreceives strong market performance on a monthly, quarterly, and bi-annual basis. Based on long-term bullish candles, Coach estimated that Dogecoin’s strength has weakened significantly. This means that the probability of the price of Dogecoin falling significantly is now very low, which suggests stability and possibility bullish outlook in the near term.
So far, analysts have suggested that if Dogecoin is able to jump to its current price level of around $0.19, it could be relatively easy. it broke the $0.22 threshold and prepare the next bullish price target. While Coach is confident in Dogecoin’s bullish outlook, he admitted that several obstacles could derail this projected price increase.
Things like market volatility it can cause sudden temporary volatility, making continued price growth a challenge for Dogecoin. In addition, taking advantage from short-term holders can also stop the momentum of Dogecoin.
DOGE Won’t Reach $1 This Month
In one of the latter X postThe coach expressed optimism about Dogecoin’s price movement, highlighting everything good market practice for DOGE. However, he revealed that it was not certain that the meme coin would reach $1 this month.
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While the $1 price target may seem overly ambitious, Coach emphasized that Dogecoin will definitely reach higher heights. And with him noted that if Dogecoin was worth it hit the $1 markit would happen quickly and without warning, leaving many struggling to understand how it happened.
In addition, the analyst has it was revealed that with the support of SpaceX and Tesla Chief Executive Officer (CEO), Elon Musk and the newly elected US President, Donald Trump, Dogecoin can see an even more bullish increase in prices, possibly reaching new highs around the $0.3 level. As of writing, the price of meme coin is trading at $0,197, representing a 3.66% increase in the last 24 hours and a 24.15% increase in the last week, according to CoinMarketCap.
The featured image was created with Dall.E, a chart from Tradingview.com
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