Cryptographic analyzer Kevin Capital Beware of bearish indicators for Dogecoin price. The analyst stated that Dogecoin has triggered its first sell signal since the start of its rise and revealed what to pay attention to after this development.
Dogecoin prices flash a sell signal
In X’s post, Kevin Capital said that the thing to acknowledge and not ignore is that the price of Dogecoin is now printing a Sell signal On the weekly time frame. He added that this development has not yet been determined, as Dogecoin needs to print this sell signal on the upcoming weekly chart to confirm this bearish outlook.
Kevin Capital also highlighted other bearish indicators for Dogecoin price. He stated that the Moving Average Convergence/Divergence (MACD) shows that bullish momentum is decreasing. At the same time, Stochastic RSI Topped off, waiting for the bear cross. In line with this, the analyst stated that the three strong indicators currently converging show that a potential downtrend is imminent.
However, Kevin Capital stated that Dogecoin’s price action still looks bullish, and that… Money flow index It is also bullish. He noted that he tends to prefer these bullish indicators over those in any market. The cryptocurrency analyst believes that it is still useful to point out bearish indicators, as they are something to keep in one’s mind. He added that there is no reason to always be a bull or a bear. Instead, it’s important to stay with clear eyes.
Dogecoin price is currently consolidating around the $0.4 range, and had its best monthly close of the year in November, a month in which it gained 161%. Thanks to this development, the price of Dogecoin, which faced difficulties in the middle of the year, has risen by more than 385% year-to-date.
A more bullish perspective on the Meme coin
Cryptoanalysts love Slow growing trader I presented a more bullish view on the price of Dogecoin. in Share XThe cryptocurrency analyst reported that the Dogecoin daily candle closed with a breakout candle from the bullish flag. He added that DOGE was finally pushed above the resistance level to break the pattern and start the next rise to the target of $1.3.
Cryptographic analyzer Richt Capital Highlighting the ascending triangle Dogecoin price confirmed its breakout, after achieving a daily close above the top of the pattern at $0.43. The accompanying chart showed that Dogecoin could rise to $0.56 next after breaking out of this ascending triangle.
Cryptocurrency analyst The Cryptomist made a more bullish prediction based on this ascending triangle. she male Dogecoin price is heading to $0.70 this coming week. This rise would put the first meme coin close to its current state All time high (ATH) From $0.73.
At the time of writing, Dogecoin price is trading at around $0.43, up approximately 2% over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com