Dogecoin Price Forecast: Analyst Says Downside Is Minimized As 1M, 3M, And 6M Candles Turn Bullish

Share This Post

As the crypto market rides the bullish wave spurred on by Donald Trump’s win in the United States Presidential elections, the Dogecoin price has emerged as a top performer, gaining over 25% earlier this week. With momentum building toward a potential all-time high, a crypto analyst highlights that Dogecoin’s downside risk has significantly decreased. This positive shift is attributed to the recent bullish trend across the 1-month, 2-month, 3-month, and 6-month candles, which are now turning bullish. 

Dogecoin Price Outlook Brightens With Long-Term Candles 

In a recent technical analysis, a crypto analyst on X (formerly Twitter) identified as ‘The Coach’ declared that the Dogecoin long-term candles, specifically the 1M, 2M, 3M, and 6M indicators, are all turning bullish. These monthly candles reflect a cryptocurrency’s price performance over an extended period and are often used to gauge larger market trends. 

Dogecoin price 1

In the case of Dogecoin, these long-term candles highlight that the meme coin has recorded consistent price increases, experiencing strong monthly, quarterly, and biannual market performance. Based on the long-term bull candles, The Coach surmised that the downside potential for Dogecoin has grossly reduced. This means that the likelihood of the Dogecoin price experiencing substantial declines is now much lower, suggesting a more stable and possibly bullish outlook in the near term. 

So far, analysts have suggested that if Dogecoin can bounce from its current price level of around $0.19, it could easily break the $0.22 threshold and prepare for its next bullish price target. While The Coach is confident of Dogecoin’s bullish outlook, he acknowledged that a few obstacles could hinder this projected price increase. 

Factors like market volatility could create sudden short-term fluctuations, making sustained price growth challenging for Dogecoin. Additionally, profit-taking from short-term holders could also stall Dogecoin’s momentum. 

DOGE Unlikely To Hit $1 This Month

In another more recent X post, The Coach expressed optimism about Dogecoin’s price movement, highlighting the overall positive market trend for DOGE. However, he disclosed that it was uncertain if the meme coin could reach $1 this month. 

Dogecoin price 2

While a $1 price target may seem overly ambitious, The Coach has emphasized that Dogecoin will inevitably reach higher highs. He also noted that if Dogecoin were to hit the $1 mark, it would happen rapidly and without warning, leaving many struggling to comprehend how it occurred. 

Moreover, the analyst has revealed that with the support of SpaceX and Tesla Chief Executive Officer (CEO), Elon Musk and the newly elected US President, Donald Trump, Dogecoin could see even more bullish price increases, possibly reaching the new price highs around the $0.3 level. As of writing, the price of the meme coin is trading at $0.197, reflecting a 3.66% rise in the last 24 hours and a 24.15% increase over the past week, according to CoinMarketCap.  

Dogecoin price chart from Tradingview.com

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Binance Bitcoin Reserves Up 25%, Holding 40% of Global Market Share

The post Binance Bitcoin Reserves Up 25%, Holding 40% of Global Market Share appeared first on Coinpedia Fintech News Despite persistent fear, uncertainty, and doubt (FUD), Binance’s customer

India’s RBI Boosts Cross-Border Payments Platform with CBDC Integration

The post India’s RBI Boosts Cross-Border Payments Platform with CBDC Integration appeared first on Coinpedia Fintech News The Reserve Bank of India (RBI) is enhancing its cross-border payments

XRP Price Prediction For November 25

The post XRP Price Prediction For November 25 appeared first on Coinpedia Fintech News Ripple’s XRP is currently down by more than five percent and is trading near the $140 levels Majority of the

WBTC Flash Crash on Binance, Price Plunges to $5,200

The post WBTC Flash Crash on Binance, Price Plunges to $5,200 appeared first on Coinpedia Fintech News On November 23, 2024, Wrapped Bitcoin (WBTC) experienced a sudden flash crash on Binance,

Metaplanet Stock Soars After Securing Bitcoin Magazine Japan for Bitcoin Adoption

The post Metaplanet Stock Soars After Securing Bitcoin Magazine Japan for Bitcoin Adoption appeared first on Coinpedia Fintech News After signing a memorandum of understanding (MoU) with Bitcoin

Ethereum Price Poised for Gains: $3,600 Within Reach?

Ethereum price started a fresh increase above the $3,320 zone ETH is rising and aiming for more gains above the $3,500 resistance Ethereum started a fresh increase above the $3,300 and $3,320 levels