Will Dogecoin disrupt its downward trend and potentially achieve new record highs?
Bold New Outlook on Dogecoin's Future
Get ready, Dogecoin fans! Crypto analyst, Jon Carter, has made some exciting revelations about the once-derided meme coin. Dogecoin has smashed through a long-standing barrier, setting the stage for an imminent bull run.
Will Dogecoin keep its winning streak?
In a 3-day chart, Dogecoin has broken free from a prolonged descending channel, marking an end to months of bearish performance within the pattern. Before the descending channel, Dogecoin was dancing within a descending wedge pattern at the end of 2023. The asset confirmed the pattern with a surge in the same year, causing a dramatic price escalation up to the resistance of $0.45.
After the peak, DOGE remained tethered within the descending channel. However, after several attempts, the asset has finally broken free decisively.
At present, Carter's chart indicates that Dogecoin's Relative Strength Index (RSI) lies around 75, signaling robust bullish energy. Yet, this also implies that the asset may soon venture into the overbought zone.
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Currently, Dogecoin shows minimal resistance due to its favorable bullish configuration. Consequently, Carter anticipates the next key resistance levels to be $0.287, $0.340, and the previous peak of $0.445 in the near term. Furthermore, Carter has identified a support zone around $0.092, which could act as a buffer against any potential losses.
Another voice in favor of the bulls
Crypto sage "Ace of Trades" has shared insights suggesting that DOGE may be on the verge of a significant trend reversal. Based on the Wyckoff market model, the analysis suggests that DOGE has departed from the accumulation phase and entered the growth phase (mark-up).
The crypto-world's history can be broken down into four distinct phases: Accumulation, Mark-Up, Mark-Down, and Distribution. For most of 2022 and 2023, Dogecoin moved back and forth within the accumulation zone.
Recent bullish activity, however, has propelled DOGE into full mark-up territory, hinting at the onset of an uptrend. Additional backing for this notion comes from Dogecoin's RSI, which has crossed above its exponential moving average (EMA), settling at 53.97.
According to Ace of Trades, this RSI crossover highlights burgeoning bullish momentum. If the momentum continues, DOGE may head towards the upper limit of the mark-up zone, with a key resistance at $0.34. If this obstacle is conquered, the asset may continue its ascent towards the zone above $0.60, provided that volumes and market interest remain robust.
Investors' attention is not limited to Dogecoin's performance but is also focused on projects in presale. One such project is Solaxy, the inaugural L2 on Solana. The presale has already raised $35 million.
The novel L2 has been designed to boost Solana's scalability and performance, as well as to eliminate network overload during peak demand. Consequently, it could soon emerge as the prime chain for meme coin trading.
At present, the SOLX token, which operates on both Solana and Ethereum, is available at a price of $0.001724 on the official presale website. Remember, do your own research! This article is for informational purposes only and should not be construed as financial advice.
Sources:
- CoinMarketCap
- CoinQuora
- NewsBTC
- InvestingCube
- With Dogecoin's recent breakout from a long-standing descending channel, investors might consider this as an opportunity for investing in the crypto market, following the predictive analysis by Jon Carter.
- As Ace of Trades points out, the Wyckoff market model suggests that Dogecoin has moved into the growth phase, implying a potential significant trend reversal. This could make it an exciting asset for those interested in finance and investing.
