Over the past few days, Dogecoin, the largest dog-themed meme coin, has seen a significant reversal, resulting in sharp drop with its price going to important support levels. Despite the recent decline in performance, several key developments suggest that DOGE may be preparing for its next major rally in the near term.
A Strong Race to the Top with Dogecoin
Although Dogecoin is struggling to get higher, seasoned market expert and investor Kevin he foresees a good look for DOGE in the near future. In his analysis, Kevin mentioned important indicators that point to the time when the next highly anticipated operation could start the coin of the meme.
Referring to the trends of the previous cycle and the current price conditions, the expert forecast means that the current consolidation phase may end soon. With key indicators showing increasing momentum, the expected rally could fuel an even bigger rally, pushing the meme coin to unprecedented levels.
Examining Dogecoin’s current price action, Kevin highlighted that DOGE has risen above the key 43 level on the daily Relative Strength Index (RSI). According to experts, Dogecoin did not drop below the 43 level on the daily RSI during the last bull market.
Specifically, the 43 level on the daily RSI is important as this was a jumping off point that resulted in three consolidation phases leading to new highs. Recent data shows that the meme coinThe daily RSI rose to the 47 level.
Furthermore, Kevin noted that throughout the last bull market, Dogecoin he has never lost the zero line in the daily Moving Average Convergence Divergence (MACD). This strong fixation on the key display also served as a basis for greater heights when achieved. Meanwhile, if you look at the current price trend, the chart shows that the market will hit the zero line in about 3 to 4 days.
If the current cycle shows these patterns of the past cycle, the market expert says that the current consolidation period will probably last for at least a week. As a result, Kevin hopes that the next DOGE high-level meeting could start by Christmas. Until now, investors and traders are cautious support levels are important with potential repetitions as they await the next leg’s crucial climb.
A Rebound On The Horizon?
Dogecoin may regain its momentum again as Trader Tradigrade, a crypto analyst, discovered. predicted potential recovery, noting that the daily RSI of DOGE has entered a critical retracement zone. Trader Tardigrade’s forecast is based on a previous scenario that caused a significant price increase.
Last time THE DOGEThe daily RSI reached the spot in September this year, the meme coin had a spot drop of $0.095. After the development, DOGE rose sharply to a price level of $0.48. Given the same level of profit forecast, Trader Tardigrade believes that Dogecoin may rise to $1.35 from the spot.
Featured image from Unsplash, chart from Tradingview.com
Source link