Dogecoin Eyes Bullish 50% Rally To $0.16, But Will A Crash Come First?
26 Setembro 2024 - 10:30AM
NEWSBTC
After a long stretch of muted price action, Dogecoin has finally
entered a position where it could be gearing up for a surge. With
major developments such as an increase in participation from both
small and large investors, as well as indicators turning bullish,
the DOGE price looks primed for a major recovery. However, there
could be a small roadblock for the meme coin when it comes to
achieving this uptrend as one analyst has pointed out the
possibility of a further crash from here. A Crash Or A Surge For
DOGE? Crypto analyst Ali Martinez has presented a forecast for the
Dogecoin price with mixed signals for the future. The analysis
focuses on both the bullish and bearish possibilities for the meme
coin as it continues to trade in a trading range. Both of these
scenarios are possible, with the Stochastic RSI may win out this
time. Related Reading: Shiba Inu On The Edge Of Historic Run As
Investors Accumulate 770 Billion SHIB According to the analysis,
the Stochastic RSI has made a bearish crossover for the Dogecoin
price. This bearish crossover suggests that there is a price crash
coming for the altcoin. In this case, the DOGE price could be
falling below $0.1 again. Not only this, but Dogecoin may lose
around 15% of its value if this bearish scenario were to play out.
This could see the DOGE price fall as low as $0.087 in the worst
case scenario. On the flip side, the Dogecoin price is also showing
some bullish tendencies, as the crypto analyst points out. The
price is apparently “flirting with a bullish breakout,” which could
be significant if it plays out. In this case, the bullish breakout
could see the meme coin’s price rise as high as $0.16 and that
would mean a 45% breakout from the current price. #Dogecoin keeps
flirting with a bullish breakout, but patience might be key! The
Stochastic RSI just had a bearish crossover, hinting at a potential
short-term correction before the next move.
pic.twitter.com/IZNsTJHksT — Ali (@ali_charts) September 25, 2024
Dogecoin Looking For A Breakout The crypto analyst has previously
presented bullish scenarios for the Dogecoin price but chalked it
up to two key signals. The first of which is the RSI actually
making a successful break out of the descending trending on the
daily chart. Second of these is a break above the $0.11 resistance
on the chart. Related Reading: Crypto Analyst Identifies Cardano
Buy Signal And Parabolic Rally To Send ADA Price To $5 One of these
signals had been triggered, with the RSI breaking the descending
trendline. However, that has since changed as the Stochastic RSI
has actually turned bearish in the meantime. The DOGE price is
still trending below $0.1, suggesting that bears are still well in
control of the price. These developments show more potential for
the Dogecoin price to actually crash from here before a recovery.
But in the event of a market-wide recovery, DOGE could end up
following the uptrend regardless. Featured image created with
Dall.E, chart from Tradingview.com
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