Crypto analyst Trader Tardigrade provided information on the current price action of Dogecoin. The analyst pointed out that Dogecoin is currently stuck in the gap amid the recent crypto market crash and suggested what could happen if the top meme coin leaves the list.
Dogecoin Price Stuck In Range, What Happens Next?
In an X post, Trader Tardigrade said the price of Dogecoin is moving in a range. The analyst added that the breakout of the range could continue with the rise of the DOGE. The accompanying chart from the analyst showed that Dogecoin could finally reach its high expectations $1 psychological price the rate at which this increase continues.
This will mark the new all time high (ATH) for Dogecoin price, its current ATH is $0.73. The chart also showed that the proposed rally to $1 could happen before the end of the year. This will no doubt cap a good year-end for Dogecoin, which has already enjoyed a year-to-date (YTD) gain of over 245%.
In an X post, a crypto analyst explained why a bullish reversal may be imminent for the price of Dogecoin. He said every day Dogecoin Relative Strength Index (RSI) it has fallen back to a potential rebinding site. The analyst also noted that at this RSI level, DOGE hit a low of $0.095 in early September, followed by a parabolic rally to $0.48. If the premium meme coin were to repeat this price gain, it would reach $1.35 from its current level.
Trader Tardigrade continues to provide a bullish view on the price of Dogecoin. In another X post, he said that Dogecoin’s surge throughout the cycle follows a two-step jump fashion. According to this, the crypto analyst said that it is a reasonable guess for the top of Dogecoin this time market cycle it’s between $3 and $4.
DOGE Price Adjustment Analysis
In X post, crypto analyst Kevin Capital provided an in-depth analysis of the Dogecoin price correction, which has been extended for more than a month. The analyst noted that Dogecoin had a weekly gold cross during the election but did not experience a reversal like it did in the 2021 bull run when this weekly gold cross occurred.
Kevin Capital believes that the current pullback is what the price of Dogecoin should have seen at that time, which is normal when they find these golden crosses. The analyst also noted that Dogecoin recorded three corrections of 50% in the last bull run it’s on its way to the top of the cycle.
Therefore, historically, the crypto analyst said that if the price of Dogecoin touches a large structural support and a large gold pocket, that would represent a 45% correction and would be enough for DOGE to continue its upward trend. The analyst added that he will start to worry only if Dogecoin loses the level of $ 0.26 at the weekly close.
At the time of writing, the price of Dogecoin is trading at around $0.30, down more than 14% in the last 24 hours, according to the report. data from CoinMarketCap.
The featured image was created with Dall.E, a chart from Tradingview.com
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