Cryptocurrency analyst Trader Tardigrade provided an update on Dogecoin’s current price action. The analyst revealed that the meme coin signaled a bullish move in the market moving average convergence/divergence (MACD) and suggested where the DOGE price is heading.
Dogecoin is flashing in a bullish pattern
In Post XTrader Tardigrade revealed this Dogecoin’s MACD has signaled a bullish transition and that the price structure is showing multiple higher lows as part of the recent rebound. The analyst noted that they indicate that DOGE has gained more purchasing power and may have completed the phaseout.
His analysis shows that Dogecoin’s price appears to be well positioned for a bullish reversal, following consolidation for almost a month since the first phase of the bull market. The attached Tardigrade Trader chart showed that DOGE could rise to around $0.50 in the next stage his bull run.
The crypto analyst had recently predicted that Dogecoin’s price could reach double-digit levels this market cycle as it looked like it would replicate two sub-cycles from the 2017 bull market. It appears that the first subcycle was the parabolic rally that Dogecoin experienced between October and early November. A cryptocurrency analyst suggested that DOGE could reach as high as $30 when the second subcycle occurs.
Meanwhile, a cryptocurrency analyst – Master Kenobi suggested that the next boost in the price of Dogecoin may begin around December 30. He stated that the most popular meme coins will likely experience red weeks by then. Master Kenobi suggested that these price drops were necessary. Meanwhile, he predicted that Dogecoin could hit a up-to-date all-time high (ATH) by December 30 or next month when Donald Trump takes office.
The fate of DOGE is in Bitcoin’s hands
In the post: X, cryptocurrency analyst Kevin Capital stated that Dogecoin has no self-control and that its fate lies solely in the hands of Bitcoin. As such, he believes that focusing too much on DOGE’s price action may be a waste of time. However, the analyst did offer some insights on DOGE’s current price action.
He stated that Dogecoin is currently trading between the macro gold pocket and the 0.5 Fibonacci macro level. Kevin further revealed that these are the two main areas of support and resistance, and breaking any of them will result in a “cascading effect of an aggressive move.” Meanwhile, the cryptocurrency analyst is convinced that the DOGE bull market is still ongoing.
He said there was no indication that the cycle was ending. Therefore, he expects the price of Dogecoin to boost sooner or later. In the meantime, he advised market participants to do nothing but wait for DOGE running of the bull to continue.
At the time of writing, Dogecoin is trading at around $0.40, down over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
