- DOGE’s price has appreciated by 30% in 7 days
- Memecoin’s latest surge has left analysts eyeing another parabolic rally like in 2021
As a seasoned analyst with over two decades of market analysis under my belt, I have seen my fair share of market trends and cycles. Having closely followed the Dogecoin [DOGE] saga since its inception, I must admit that this memecoin has never ceased to surprise me.
For the last month, Dogecoin (DOGE) has been showing significant gains on its price graphs, sparking renewed enthusiasm among investors that it could lead to a rally driven by meme coins.
Indeed, it’s worth mentioning that the meme coin is dominating many of the major cryptocurrencies in the weekly rankings as well. At this moment, Dogecoin stands at $0.143. This represents a substantial 30% increase over the last seven days. Furthermore, Dogecoin has also shown positive trends on both the daily and monthly charts.
In line with my expectations, the latest price movements of the mentioned memecoin have sparked conversations among financial analysts regarding its future path. Analysts like Ali Martinez and Kevin Capital, whom I follow, are of the opinion that the existing market trend might persist.
Market Sentiment
As per Martinez’s explanation, the TD sequential signal for Dogecoin has switched to “Sell” on its daily graphs at the moment.
In simpler terms, it seems the memecoin might experience a temporary dip, followed by another rise. This happens because when investors cash out for profits, they increase the demand to sell, which often leads to a decrease in price.
However, the analyst believes the uptrend will continue shortly after.
According to Kevin’s analysis, it appears that DOGE is getting close to a Golden Cross on its weekly charts. This pattern, coupled with Dogecoin’s six-month trend of maintaining a falling wedge, typically indicates an upcoming bullish reversal.
Looking ahead, Dogecoin is poised to form a “golden cross” for the first time in four years, along with a descending triangle pattern. This could potentially lead to a significant surge or “parabolic rise” in its value.
Historically, when a golden cross appears for a memecoin, it often signals a significant price surge. For instance, the last time this occurred was in January 2021, which led to Dogecoin’s price rapidly increasing from $0.007 to an all-time high of $0.737 within just four months. This incredible rally resulted in a staggering increase of 10,428.57%.
Given past trends and if our analysis is accurate, it’s plausible that Dogecoin (DOGE) could experience another significant rise, potentially reaching heights last seen at approximately $1. With its recent price movement placing DOGE at a 4-month peak, such a dramatic increase might be on the horizon.
What does the memecoin’s chart say?
Based on the previous discussion, it seems that the forecast for Dogecoin looks positive. But, it’s crucial to explore other market signals that could also be pointing towards similar trends.
Initially, at the current moment, Dogecoin’s long/short position ratio was slightly over 1%, specifically at 1.03%. When this number exceeds 1, it signifies that more investors are opting for long positions rather than short ones. Essentially, this suggests that the majority of investors are optimistic about Dogecoin’s price movement, indicating a bullish sentiment in the market.
As a crypto investor, I’ve noticed an increase in my own confidence due to the rising tide of bullish sentiment. This optimism is reinforced by a significant influx of large holders into Dogecoin, as reported by IntoTheBlock. In just a short time, the number of Dogecoins held by these large investors has skyrocketed from 42.71 million to an impressive 1.12 billion.
Over the past week, there was a significant surge of approximately 2,522.34%, indicating that major investors are optimistic about future increases. This substantial jump suggests they expect more growth.
To summarize, there’s been a consistent increase in the number of open positions on Dogecoin over the last seven days. This trend suggests that investors are actively creating new investment opportunities and maintaining their current holdings.
What next for Dogecoin?
Translation: Essentially, the current market situation seems promising and may potentially lead to more increases in Dogecoin’s price graph.
Under the right conditions, it’s expected that the most popular meme coin could reach its highest point in the past five months, which is approximately $0.174.
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2024-10-19 17:12