Analyst Eyes 7% Dogecoin Jump—Will It Smash The $0.15 Barrier?
September 11 2024 - 7:30AM
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The possibility of a Dogecoin market reversal has crypto observers
interested in the meme coin. While it did record some gains in
recent days, CoinCodex’s price prediction still projects a 13%
decline, which may further drive DOGE to $0.088742 by October 10,
2024. Related Reading: BNB Weekly Active Addresses Surge Over 6% –
Is A Rally On The Way? This is despite an interesting observation
by cryptocurrency analyst Master Kenobi. As Kenobi says, every
downtrend is retreating in duration, which in turn means that the
bears may exhaust themselves, and it could clear the way for a
recovery. The #DOGE bear market consisted of three major downtrend
cycles. Whether it’s a coincidence or not, the first cycle lasted
540 days, nearly 1.5 years; the second lasted 364 days, exactly one
year; and we are now concluding the third downtrend cycle, which
lasted approximately 182… pic.twitter.com/GToZmRaPCh — Master
Kenobi (@btc_MasterPlan) September 9, 2024 He explained that the
initial downtrend lasted 540 days, or approximately 1.5 years while
the second cycle was 364 days. Against these, he said, the ongoing
downtrend has seen only 182 days, or roughly six months. As a
matter of fact, the compressing length of such cycles could be seen
as a signal for a momentum shift, setting things up for a likely
bull run. Dogecoin Price Action Dogecoin is currently trading at
$0.1003, up 6% in the last seven days. The price had bounced off a
support line of $0.089 and a bullish falling wedge pattern on
DOGE’s daily chart has been identified. Dogecoin’s price would
rapidly shoot to $0.15 if it maintains the level above $0.10, the
chart suggests. Fear And Market Sentiment Despite the recent upward
movement, market sentiment still lies in fear. The Fear & Greed
Index stands at 33 for now and illustrates the amount of fear
investors have. This, despite the performance of Dogecoin in the
last 30 days, which stood at 15 green days up. The price movements
of DOGE, on the other hand, usually come pretty stable as the
positivity rate stood at 50%. Volatility remains very low, standing
at 4.38%. While stability can be reassuring, it also suggests that
DOGE lacks the momentum for a major breakout. Mixed signals in the
market have made investors wary of taking any particular call.
Investors seem to be performing a balancing act between short-term
optimism and longer-term risks. The low volatility and an equal
number of green days signal consolidation without showing any
reversal signals. Related Reading: Vitalik Buterin Withdraws 760
ETH As Market Turmoil Strikes Ethereum Conflict In Forecasts While
some short-term indicators may have reflected the possibility of a
rally, the longer-term forecast is bearish. According to CoinCodex,
this cryptocurrency might fall 13.78%, putting Dogecoin at
$0.088742 by October 2024. The above forecast really conflicts with
the current bullish momentum of this token. Dogecoin is, therefore,
at a crossroads. While the short-term indications may suggest some
bullish momentum, technical indicators and recent price action
indeed support a plausible rally for the meme crypto. But until
then, the bearish long-term forecast continues with ongoing market
fear; it would be best to exercise caution. Investors will do well
by keeping a close eye on the short-term price action and broader
market development before making serious moves. Featured image from
StormGain, chart from TradingView
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