- DOGE could rally +43% after fronting a bullish breakout.
However, overall, bearish market sentiment could delay the outlook.
As a seasoned researcher with extensive experience in the crypto market, I have closely monitored Dogecoin’s [DOGE] price movements and trends. Over the past few weeks, DOGE has shown signs of recovery, but its progress was hampered by overall bearish market sentiment.
In the first half of July, Dogecoin‘s [DOGE] price experienced a respite and registered a decrease of approximately 30% over the last fortnight, contributing to an overall market upturn.
Based on my extensive experience in the cryptocurrency market and having closely monitored the memecoin’s price movements over the past few weeks, I must admit that this week’s price drop was quite disheartening. The memecoin’s recovery stalled, resulting in a significant decline of over 11%, which brought its value down to $0.12 at press time. This level is reminiscent of Dogecoin’s price consolidation back in late June. The market volatility can be quite unpredictable and emotionally taxing for those invested, but it’s crucial to remain patient and stay informed about the latest trends and developments within the space.
Based on my extensive experience as a crypto analyst and observer of market trends, I strongly believe that Dogecoin (DOGE) could experience impressive gains of up to 44% following its recent bullish breakout. This optimistic outlook is not without foundation; renowned industry expert Ali Marquess has identified a promising breakout pattern in the form of a falling wedge on DOGE’s chart, which suggests an imminent price surge. As someone who closely follows market movements and trends, I can attest to the significance of such technical analysis and the potential it holds for profitable opportunities.
‘It looks like Dogecoin broke out of a wedge, which suggests an upside target of 44%!’
From an analyst’s standpoint, I’d like to point out that falling wedges often signal bullish trends and can lead to substantial rallies following their breakdown. The projected breakout level for these patterns is generally commensurate with the wedge’s height – roughly equivalent to a 43% rise in this instance.
One user reiterated the optimistic perspective for the long term, pointing to the formation of a golden cross in DOGE‘s weekly chart as potential fuel for a potential 18,000% price surge.
Does DOGE’s spot and derivatives market agree?
Based on derivatives analysis, the mood towards DOGE was pessimistic at the moment of reporting, indicated by approximately a 10% decrease in open interest figures. Moreover, there was a substantial drop in trading volume during this period, contributing to an overall crypto market downturn on Wednesday.
Doge experienced notable withdrawals from the spot market starting mid-week, signaling a risk-averse stance that might postpone the projected 43% price surge.
Despite the recent downturn, the market could experience a 10% surge in the immediate future as indicated by the 4-hour chart. It’s worth noting that the RSI has approached oversold levels, implying that a potential rebound may be imminent.
If that’s the case, potential price milestones might be reached at $0.1275 and $0.1325. Reaching $0.1325 would signify a 10% profit increase.
However, DOGE could slide to $0.11 if $0.12 support breaks in the short term.
It’s intriguing that at the price levels of around 0.14 or $0.13, there wouldn’t be significant opposition because only a few wallets purchased the meme coin at those prices. This decreases the likelihood of profit-taking if the market recovers and reaches those targets.
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2024-07-26 01:11