Crypto Pundit Says Get Positioned For Dogecoin, But This Level Is Still A Threat
Dogecoin (DOGE) is getting into a decisive part that would see its price explode to record highs. Based on the meme coin’s current worth motion, one analyst encourages merchants to place early, whereas one other warns that an essential structural stage have to be held to protect DOGE’s broader bullish outlook. Both views spotlight the pressures and potentialities the meme coin faces because it navigates its ongoing downward trend.
Analyst Tells Traders To Position For Dogecoin
Technical analyst and engineer Waleed Ahmed has urged merchants to get positioned for Dogecoin, hinting that the meme coin could also be far nearer to a major reversal than many anticipate. He shared a month-to-month DOGE/BTC chart on X social media displaying the value hovering simply above a long-standing accumulation band.
Ahmed’s chart highlights a broad consolidation vary that stretches again to early 2021, with the DOGE/BTC price on the time of research sitting at $0.00000169, close to the decrease boundary of that construction. Despite the current market drawdown, the value has not damaged under the multi-year ground, making this area a probably essential zone for long-term positioning.
Above this key vary lies a significant upside goal between $0.000012 and $0.000014, highlighted by Ahmed, which aligns with the high that the DOGE/BTC worth reached throughout its strongest historic transfer. With DOGE/BTC nonetheless buying and selling round $0.00000169 on the time of writing, attaining the projected goal would require a achieve of over 610%.
While this surge is substantial, it underscores the magnitude of the DOGE/BTC development alternative. It additionally explains why the analyst is encouraging merchants to place themselves now, forward of the anticipated rally. Ahmed has warned that merchants shouldn’t take the present DOGE/BTC worth as a joke. He stays bullish on the meme coin regardless of ongoing volatility and market declines which have pushed its worth right down to $0.16.
Dogecoin Faces Key Technical Threat Into The Next Level
In a separate evaluation, specialists spotlight a looming risk that would compromise Dogecoin’s bullish outlook. According to crypto analyst Rekt Capital, Dogecoin is battling to protect its multi-year diagonal uptrend. His chart shows a rising trendline near a horizontal help stage of round $0.159, which has guided DOGE’s price recovery since mid-2023.
Recently, the meme coin’s worth dipped under this trendline on the month-to-month timeframe, elevating concern that momentum is weakening heading into December. With the month-to-month candle now sitting simply beneath, Dogecoin dangers confirming a breakdown if it fails to reclaim the trendline.
This construction has acted as a dynamic support area for DOGE’s worth for over two years, making it a essential stage to look at on the macro chart. Essentially, Rekt Capital’s evaluation means that if Dogecoin loses the multi-year trendline, it will threaten its broader bullish construction, which has stored its macro upside potential towards $0.3 alive.
