Cryptographic analyzer Slow growing trader Provided insight into Dogecoin’s current price movement. The analyst revealed that Dogecoin is currently stuck in a range amid the recent collapse in the cryptocurrency market and suggested what could happen if the first meme coin breaks out of this range.
Dogecoin price stuck in a range, what could happen next?
In X’s post, Trader Tardigrade mentioned that the price of Dogecoin is moving in a range. The analyst added that a range breakout may continue DOGE’s uptrend. The accompanying analyst chart showed that Dogecoin may finally reach the long-awaited level $1 psychological price The level when this uptrend continues.
This represents a new mark All time high (ATH) For the price of Dogecoin, the current ATH is around $0.73. The chart also showed that this expected rise to $1 could happen before the end of the year. This would undoubtedly mark a perfect end to the year for Dogecoin, which has already enjoyed year-to-date (YTD) gains of over 245%.
In X’s post, the cryptocurrency analyst explained why a bullish reversal may be imminent for Dogecoin price. Dogecoin is reported daily Relative Strength Index (RSI) It is back in the potential bounce zone. The analyst also noted that at this RSI level, DOGE reached a local low of $0.095 earlier in September, followed by a parabolic rise to $0.48. If the first meme coin repeats this gain in price, it could potentially reach $1.35 from its current level.
Trader Tardigrade continues to offer a bullish forecast for Dogecoin price. In another post In line with this, the cryptocurrency analyst stated that reasonable expectations for Dogecoin to rise are highest in this Market cycle It ranges between $3 and $4.
Analysis of DOGE price correction
Posted by X, Cryptocurrency Analyst Kevin Capital Provided an in-depth analysis of Dogecoin’s price correction, which extended over a month. The analyst noted that Dogecoin had a weekly golden cross near the election period but did not see any pullback as it did in the 2021 uptrend when this weekly golden cross occurred.
Kevin Capital believes that the current pullback is one that the Dogecoin price should have seen at that time, which is a common occurrence when they get these golden crosses. The analyst also noted that Dogecoin recorded three 50% corrections in Another bull round On her way to the top of the course.
As such, historically, the cryptocurrency analyst has stated that if Dogecoin price exploited the macro structured support and macro gold pocket, that would represent a ~45% correction and would be enough for DOGE to resume its uptrend. The analyst added that he would not be concerned unless Dogecoin lost the $0.26 level at the weekly close.
At the time of writing, Dogecoin’s price is trading at around $0.30, down more than 14% over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com