Crypto analyst Crypto Yapper has brought attention to a potentially concerning trend in Dogecoin’s price movement. According to Yapper, Dogecoin is currently forming a Rising Wedge pattern on the daily timeframe. This pattern, which emerged after the cryptocurrency bounced off its lower-side support, is traditionally seen as a bearish signal in technical analysis.
A Rising Wedge pattern often indicates a higher probability of a price breakdown. In this case, the upward trend lines are converging, suggesting that buying pressure is weakening while selling pressure might be on the rise. This could lead to a downward price correction, making investors wary of a possible bearish turn.
As of the latest data, the coin is priced at $0.163846, experiencing a 1.67% decrease over the past 24 hours. The 24-hour trading volume stands at $57.05 billion, indicating substantial trading activity. The market capitalization is $23.67 billion, reflecting its significant presence in the cryptocurrency market.
DOGE Price Could Hit $0.30 Soon, Analyst Predicts
Despite these bearish signs, another prominent crypto analyst, Crypto Scient, in a recent analysis shared on X (Fornerly Twitter), provided an optimistic outlook on the price trajectory of DOGE. The analyst highlighted that while the current upward movement is notable, it is merely the beginning of a larger rally.
Crypto Scient noted an 18% increase so far for DOGE and said that it is now making profound attempts to break the resistance at $0.175. Successfully doing such an act can quickly push the price towards the $0.20 level
Describing the $0.20 level as the “boss level,” Crypto Scient suggested that breaching this point would significantly indicate that DOGE is entering the “banana zone.” In this zone, the price could accelerate rapidly to $0.30 and potentially even higher.
The analyst further says that for the weeks ahead, it is really interesting for DOGE traders as the potential for more gains looms large. Such a bullish call has stirred excitement and incited some level of anticipation among the cryptocurrency community, which closely watches to see if DOGE can hold its course towards higher levels.
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