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Dogecoin, the world’s largest meme by market cap, is now A major sell signal flashesWhich suggests that it may be time for investors to quickly exit and sell their token coins before the potential decline. This sudden sell signal comes the Dogecoin price rises by 10% Following the recent comment from SpaceX and Tesla CEO (CEO) Elon Musk.
Dogecoin prices flash a sell signal
Dogecoin recently captured investors’ attention after its price skyrocketed by more than 10%, crossing the $0.127 mark in a single day. the Huge price increase This was prompted by the uproar on social media and ongoing speculation about future approvals from Musk, following his comments about…Department of Government Efficiency (DOGE)” an offer.
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Despite the surge in Dogecoin, analysts warn that rising prices could signal a change Imminent sales. especially, Ali Martineza popular cryptocurrency analyst took to X (formerly Twitter) to do just that warning Users reported that the meme coin is currently flashing a sell signal on Dogecoin’s daily chart.
While optimism around Dogecoin has turned bullish following its price surge, it appears that investors may have to exit the market quickly. Maintain their new profits. While some loyal Dogecoin investors may hold onto their assets for the long term, short-term investors may be inclined to capitalize on the recent gains.
Based on Dogecoin’s sell signal chart, Martinez predicts that… Same angle You may experience a short period of decline that usually occurs when coins experience a sharp rise. However, the analyst also predicted that after this short correction, Dogecoin may continue Bullish momentum to reach new levels.
The cryptocurrency is currently trading at $0.1446, a significant increase from its price earlier this month which stood at around $0.11 at one point. CoinMarketCap data also revealed that Dogecoin rose a whopping 30.49% over the past week and increased 38.81% in the past month.
The popular meme coin is clearly on a major uptrend, as its chart has been in the green for some time now. Although Dogecoin has seen some declines previously, investor optimism about the meme coin is as high as its day. Trading volume By 12.29%.
Dogecoin will reach $1, analyst says
Cryptocurrency analyst identified as “Crow” on X made a confident statement anticipation major Bullish Rise for Dogecoin. On October 18, the analyst predicted that the price of Dogecoin would reach $1 soon, possibly riding the wave of the cryptocurrency’s upcoming rally.
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The analyst shared a distinct historical chart of Dogecoin, covering the period from 2014 to the present, highlighting how the cryptocurrency previously saw strikingly similar market movements before hitting its highest price. In keeping with this trend, Dogecoin appears to have created another unique triangle pattern that began in 2021 and continued until 2024.
It is possible that with the full formation of this triangle pattern, Dogecoin may see a turnaround Possible rise to $1. While the predictions are still just ambitious speculation, Crowe remains confident, emphatically declaring Dogecoin to be the Bitcoin of the meme.
Featured image created with Dall.E, chart from Tradingview.com