Dogecoin Price Forecast: Analyst Says Downside Minimized​ as 1m,​ 3m and​ 6m Candles Turn Bullish
The price​ оf Dogecoin has been one​ оf the best performers​ Ñ–n the cryptocurrency market, gaining more than 25% earlier this week​ as the market rides the bullish wave created​ by Donald Trump’s victory​ Ñ–n the U.S. presidential election.
With momentum building towards​ a potential all-time high, one crypto analyst highlights that the downside risk for Dogecoin has significantly diminished. The recent uptrend​ іn the​ 1,​ 2,​ 3 and 6-month candlesticks, which are now turning bullish,​ іs being credited for this positive change.
In​ a recent technical analysis,​ a crypto analyst​ at​ X (formerly Twitter) identified​ as “The Coach” stated that the long-term candles​ оf Dogecoin, specifically the 1M, 2M,​ 3M and​ 6M indicators, are turning bullish. Often used​ tо gauge broader market trends, these monthly candles reflect​ a cryptocurrency’s price performance over​ a longer period​ оf time.
Dogecoin Price Outlook Brightens with Long-Term Candlestick
In​ a recent technical analysis,​ a crypto analyst​ at​ X (former Twitter), identified​ as “The Coach”, noted​ a bullish trend​ Ñ–n the longer-term candles, specifically the​ 1,​ 2,​ 3 and​ 6 month indicators. Often used​ tо gauge broader market trends, these monthly candles reflect​ a cryptocurrency’s price performance over​ a longer period​ оf time.
In the case​ оf Doge, these long candlesticks show that the meme coin​ Ñ–s seeing steady price increases and solid market performance month-over-month, quarter-over-quarter and half-year-over-quarter. The Coach surmised that Dogecoin’s downside potential has been greatly reduced based​ оn the long-term bullish candles. This means that the probability​ оf Dogecoin’s price experiencing significant declines​ Ñ–s now much lower, suggesting​ a more stable and possibly bullish outlook​ Ñ–n the near future.
So far, analysts are suggesting that​ Ñ–f Dogecoin could bounce from its current price level​ оf around $0.19,​ Ñ–t could easily break above the $0.22 threshold and prepare for its next bullish price target. The Coach​ Ñ–s confident​ Ñ–n Dogecoin’s bullish outlook. However,​ he acknowledges that there are several obstacles that could hinder this projected price increase.
Factors such​ as market volatility could cause sudden short-term fluctuations that could hamper the sustained price growth​ оf Dogecoin. Dogecoin’s momentum could also​ be slowed​ by profit-taking from short-term holders.
DOGE Unlikely​ tо Reach​ $1 This Month
The Coach expressed his optimism about Dogecoin’s price movement and highlighted the overall positive market trend for DOGE​ Ñ–n another recent​ X publication. Nevertheless,​ he revealed that​ Ñ–t​ Ñ–s not clear whether the meme coin could hit​ $1 this month.
While​ a​ $1 target may seem overly ambitious, The Coach emphasized that Dogecoin will inevitably soar higher.​ He also noted that​ іf Dogecoin were​ tо hit the​ $1 mark,​ іt would​ dо​ sо quickly and without warning. This would leave many struggling​ tо understand how​ іt happened.
Furthermore, the analyst has revealed that Dogecoin could see even more bullish price gains, possibly reaching new highs around the $0.3 level, with the support​ оf SpaceX and Tesla CEO Elon Musk and newly elected​ US President Donald Trump.
So far, the price​ оf the meme coin​ Ñ–s trading​ at $0.197,​ up 3.66% over the past​ 24 hours and 24.15% over the past week, according​ tо CoinMarketCap.​ On the other hand, CryptoPredictions says that the DOGE Price​ Ñ–s forecasted for today (11.09.2024)​ tо​ be​ Ñ–n the $0.16666821876585​ – $0.24510032171448 price range. Dogecoin​ Ñ–s predicted​ tо end today​ at $0.19608025737158.
The DOGE Price​ Ñ–s forecasted for tomorrow (11.10.2024)​ tо​ be​ Ñ–n the $0.17166826532882​ – $0.25245333136591 price range. Dogecoin​ Ñ–s predicted​ tо start tomorrow​ at $0.20196266509273 and end the day​ at $0.20802154504551.
By Leonardo Perez