- Dogecoin’s weekly chart, at press time, was on the verge of a MACD crossover
DOGE monthly past cycle align for future movements.
As a seasoned analyst with over a decade of experience in the crypto market, I have witnessed the rise and fall of countless coins. However, none has captured my attention quite like Dogecoin (DOGE). At present, the coin seems to be on the cusp of something big – a potential 180% surge, if historical patterns hold true.
The popular meme cryptocurrency Dogecoin (DOGE) might be about to make a substantial price shift, as indicated by its charts. Interestingly, traders have exhibited a positive outlook, displaying resilience in the weekly timeframe for the past four weeks straight.
Even though the recent market fluctuations are attributed to geopolitical conflicts in the Middle East, there could still be an opportunity for DOGE‘s recovery. Historically, DOGE has experienced significant growth – up to 90% and even 180% – after a bullish crossover on its weekly moving average convergence divergence (MACD) chart.
Currently, it appears a fresh MACD crossover with bullish implications is taking shape. If this holds true, Dogecoin (DOGE) might exhibit a similar pattern to its previous 180% spike. Moreover, the purchasing momentum has been steadily gaining traction – an indication of potential impending growth in the immediate future.
At the moment, Dogecoin is exhibiting positive trends following a test of its long-term descending triangle pattern in the daily chart. Should Dogecoin maintain this uptrend, a potential rebound from its current support level might trigger additional growth opportunities.
In case this rebound doesn’t occur, Dogecoin (DOGE) could experience a reset, leading to potential additional losses. Such a development might also impact other alternative cryptocurrencies.
DOGE monthly cycles and potential gains
Based on past trends, it’s been typical for DOGE to reverse significant levels during its monthly cycles, often signaling the beginning of a bull market. This reversal strategy was initially observed in 2017, which subsequently led to a significant surge of 90%.
Last year, a similar trend resulted in a massive 180% increase. Now, it appears that this consolidation period could last longer, and the market conditions seem to indicate that there’s a strong possibility of experiencing another 180% growth spurt.
Combining this pattern with past information suggests a robust chance for greater value increases, potentially initiating another upswing in graph trends.
Network growth and market dynamics
Lately, there’s been significant expansion in the Dogecoin network. For example, the number of new Dogecoin addresses increased by a substantial 72% within the last week alone. To be precise, more than 19,600 new addresses were added to the network just yesterday.
This rise indicates a heightened curiosity about DOGE among traders and investors, suggesting they’re gearing up for possible price increases.
Keeping that in mind, ongoing geopolitical conflicts in the Middle East might continue influencing market trends and potentially hinder Dogecoin’s progress towards reaching its target.
Liquidation levels and price movements
Dogecoin (DOGE) has additionally closed significant short trades, reaching an essential mark at $0.1032. This action triggered the liquidation of approximately $34.9 million in long positions.
In the upcoming stages, critical points where selling may occur (liquidation zones) will greatly influence the direction of Dogecoin’s price fluctuations. It’s essential for traders to keep a keen eye on these thresholds to decide if Dogecoin can sustain its bullish trend or encounter increased volatility in the approaching weeks.
Boasting robust technical signals, expanding network, and tendencies based on past trends, Dogecoin seems primed for substantial increases.
Should the market conditions be favorable, Dogecoin (DOGE) might reach its anticipated 180% surge. Yet, it’s crucial for traders to stay vigilant and mindful of possible risks in their investments.
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2024-10-03 10:16