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While the cryptocurrency market rides the bullish wave it has stimulated Donald Trump wins In the US presidential election, Dogecoin’s price emerged as the best performer, rising more than 25% earlier this week. As momentum builds towards a potential all-time high, a cryptocurrency analyst is highlighting this Downside Risks for Dogecoin decreased significantly. This positive shift is due to the recent uptrend via the 1-month, 2-month, 3-month and 6-month candles, which are now turning to the upside.
Dogecoin price forecast lights up with long-term candles
In a recent technical analysis, a cryptocurrency analyst on X (formerly Twitter) was identified as a “coach.” Announce that Dogecoin long term candlesSpecifically, the 1M, 2M, 3M and 6M indicators are all turning to the upside. These monthly candles reflect the cryptocurrency Price performance Over a long period it is often used to measure larger market trends.
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In the case of Dogecoin, these long-term candles highlight what the meme coin has in store Regular price increases were recordedIt is witnessing strong market performance monthly, quarterly and semi-annually. Based on the long-term bullish candles, the coach predicted that the downside potential for Dogecoin has decreased significantly. This means that the possibility of the price of Dogecoin experiencing significant declines is now much lower, indicating greater and perhaps more stability. Bullish outlook in the near term.
So far, analysts have suggested that if Dogecoin can rebound from its current price level of around $0.19, it could easily… Breaking the $0.22 threshold And get ready for the next upside price target. While the coach is confident in Dogecoin’s bullish outlook, he acknowledged that some obstacles may hinder this expected price increase.
Factors such as Market fluctuations It can create sudden short-term fluctuations, making sustainable price growth a challenge for Dogecoin. In addition, Take profits Short-term holders could also halt Dogecoin’s momentum.
DOGE is unlikely to reach $1 this month
And in another more recent one Share XThe coach expressed optimism about Dogecoin’s price movement, highlighting the overall situation Positive market trend for DOGE. However, he revealed that it is uncertain whether the meme coin could reach $1 this month.
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While the $1 price target may seem overly ambitious, The Coach emphasized that Dogecoin will inevitably reach higher levels. Him too male That if it was for Dogecoin Hit the $1 markIt will happen quickly and without warning, leaving many struggling to understand how it happened.
Moreover, the analyst open With the support of SpaceX and Tesla CEO (CEO), Elon Musk And with newly elected US President Donald Trump, Dogecoin could see further upward price increases, possibly reaching new price highs around the $0.3 level. As of writing, the price of the meme coin is trading at $0.197, reflecting a 3.66% rise over the past 24 hours and a 24.15% increase over the past week, according to CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com