Dogecoin price has failed to live up to expectations with the ongoing sideways movement that has plagued the meme coin. This has led to mixed signals on the chart, making it difficult to pinpoint where the altcoin price may be headed. So far, there have been many bull and bear formations on the chart, with sell signals being the most recent. This made the $1 target look very difficult to achieve, given the failure to launch.
Multiple Buy Signals on Dogecoin Daily Chart
Dogecoin analyst on X (formerly Twitter), @Kev_Capital_TA, shared an analysis with the community that shows some improvement in the price of DOGE. According to a crypto analyst, the meme coin has two trading signals appearing on its daily chart.
These trade signals appeared because the price of DOGE was rejected from the downward wedge resistance, which indicates the weakness of the price. Naturally, this suggests that the price of Dogecoin may not be able to hold from here, and a crash may be in the works. Therefore, trademarks may be good, but only for a short time.
Another development pointed out by the crypto analyst is the rising momentum of the 3-day LMACD. This is against the bearish pressure presented by the trading signals on the daily chart. So, it means that the sales pressure, if real may not be as brutal as expected.
The analyst explains that this means that if the decline in the price of Dogecoin was to play out, it would be short-lived. “The 3-day LMACD is still showing bullish momentum indicating that any daily pullback will be short-lived and weak and we should soon break this chart higher,” he said. “We are basically in a battle between the 3-day bullish trend and the daily bearish signals.”
Can DOGE Still Reach $1?
With fog, the target of Dogecoin investors remains at $1 but even with the market recovery, the meme coin remains very far from this target. In response to Kevin’s post, user X asked if the DOGE price would still be able to hit $1 from here in the bull run.
A crypto analyst responded that the meme coin has a higher chance of not reaching this target than actually hitting it. “I’d say there’s a 60% chance it doesn’t happen and a 40% chance it doesn’t,” Kevin said. This scenario shows how far away the $1 target is and the 1,000% rally needed to get there may not be coming anytime soon.
The featured image was created with Dall.E, a chart from Tradingview.com