doge

How Low Can Dogecoin Go Before Rallying Again?

Published

1 month ago

November 15, 2024

Este artículo también está disponible en español.

Dogecoin (DOGE) has recently experienced a staggering rally. Over the span of eight days, DOGE surged nearly 200%, reaching a local peak at $0.4385 on Tuesday. This explosive growth propelled the daily Relative Strength Index (RSI) to almost 93, signaling strongly overbought conditions.

Since then, the Dogecoin price corrected by 19%, trading at $0.37 as of press time. However, according to crypto analyst Kevin (@Kev_Capital_TA), who has gained significant attention on X for his Dogecoin price analyses, the correction phase may not be over yet. In a series of updates, Kevin addresses how low Dogecoin can go before resuming its upward trajectory.

How Low Can Dogecoin Go?

“My first price target and a level we will want to hold for Dogecoin is the $0.30-0.26 range, which is the golden pocket retrace levels,” Kevin stated. “That’s a 30-40% correction from the local top, which in a bull market is a perfect size correction.”

Kevin further explained the significance of RSI levels in predicting market movements. “A healthy 1-3 week correction/consolidation to cool off indicators would be the most beneficial thing that can happen to Dogecoin. Happened multiple times on the way up in 2020-2021,” he noted. “My opinion still remains this occurs soon based off the technical data I am looking at.”

Drawing parallels to the previous bull market, he added: “Back in the 2020-2021 bull market for Dogecoin, it hit a 90+ on daily RSI three times, each time marking a local top or consolidation period before the next leg up. We just hit 90+ on the daily RSI for the first time, signaling that we potentially have 1-2 more legs up remaining in this bull market before we find the macro top. PS: The second and third legs were both bigger than the first leg.”

On the lower time frames, the Dogecoin price action formed a symmetrical triangle, a chart pattern often associated with periods of consolidation that precede significant price movements. Kevin observed: “Tracking this weird Dogecoin symmetrical triangle. Honestly a 50/50 which way this breaks. I still favor the correction due to daily RSI being 90+.”

The symmetrical triangle can serve as either a continuation or a reversal pattern, depending on market conditions. For the Dogecoin price, the breakdown from the triangle aligns with Kevin’s expectation of a correction due to overbought RSI levels.

To estimate the potential magnitude of the price drop following the breakdown from the symmetrical triangle, traders measure the height of the triangle’s base—the widest part of the formation. This measurement is then projected downward from the point of breakdown, providing a target for the price movement.

Applying this method to Dogecoin suggests a correction towards the $0.28 price level, which aligns closely with Kevin’s analysis targeting the $0.30-$0.26 range. “Looks like the correction I have been calling for the last couple of days is beginning on Dogecoin,” Kevin confirmed after observing the market movement. “Can’t go straight up, folks. Dips are healthy and reset the indicators so we can go higher. Hopefully nobody gets mad at me anymore for delivering the truth.”

As of press time, Dogecoin is trading at approximately $0.37, having retraced about 19% from its local top. The price appears to have found temporary support at $0.35, but with the daily RSI only resetting to 80—still in overbought territory—a continuation of the correction cannot be ruled out.

“A healthy 1-3 week correction/consolidation to cool off indicators would be the most beneficial thing that can happen to Dogecoin,” Kevin reiterated. “Happened multiple times on the way up in 2020-2021. My opinion still remains this occurs soon based off the technical data I am looking at.”

Featured image created with DALL.E, chart from TradingView.com

Source link

ADA

Crypto Whales Gobble Up Nearly $149,600,000 Worth of Cardano and Large-Cap Memecoin in Just Two Days: Analyst

Published

1 week ago

December 16, 2024

admin

An on-chain analyst says deep-pocketed investors are loading up massive amounts of Cardano (ADA) and a top memecoin as the market went sideways for the past week.

Analyst Ali Martinez tells his 98,800 followers on the social media platform X that crypto whales accumulated $85.6 million worth of ADA in a couple of days.

“Cardano whales bought over 80 million ADA in 48 hours!”

At time of writing, ADA is trading for $1.07.

Martinez also says deep-pocketed investors snapped up $64 million worth of the large-cap memecoin Dogecoin (DOGE).

“Whales bought another 160 million Dogecoin DOGE in 24 hours!”

At time of writing, DOGE is worth $0.40.

In total, the crypto whales accumulated nearly $150 million worth of ADA and DOGE in just two days during the past week.

Turning to Bitcoin, Martinez says he’s looking at BTC‘s In/Out of the Money Around Price (IOMAP) metric. IOMAP classifies crypto addresses as either profiting, breaking even, or losing money – to determine support and resistance levels for BTC.

According to the analyst, Bitcoin has a fortress of support above $94,000 as millions of wallets accumulated millions of BTC around and above the price area.

“Bitcoin sits on top of a significant support wall between $94,300 and $100,250, where 2.25 million wallets bought over 2.18 million BTC.”

At time of writing, Bitcoin is trading for $101,946.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Source link

ADA

Analyst Says Dogecoin in Early Bull Market Stage, Sees DOGE Skyrocketing to Huge Target ‘If Things Go Wild’

Published

2 weeks ago

December 12, 2024

admin

A closely followed crypto trader believes that top memecoin Dogecoin (DOGE) could soar to double digits based on historical patterns.

Crypto strategist Ali Martinez tells his 97,000 followers on the social media platform X that DOGE appears to be in the phase of the cycle when it pauses before skyrocketing to new record highs.

The trader shares a chart suggesting that DOGE is mirroring its price action during the 2017 and 2021 market cycles while trading in a large ascending channel.

“Check out where we are in the Dogecoin DOGE bull cycle! Very early, right?

For that reason, I’m thankful for the dip and will buy more between $0.40-$0.30. The target remains $3, and if things go wild, $18!”

At time of writing, DOGE is trading for $0.391, down nearly 5% on the day.

Turning to the layer-1 protocol Cardano (ADA), Martinez says that the altcoin can find support at the $1 level based on the In/Out of the Money Around Price (IOMAP) metric.

IOMAP classifies crypto addresses as either profiting, breaking even, or losing money – to determine support and resistance levels for ADA. According to the metric, 41,720 addresses have accumulated over one billion ADA at $1.

Zooming out, Martinez says Cardano appears to be following its 2020 price action when it witnessed a period of retracement before soaring to fresh highs.

“Cardano is doing the same as it did in 2020, which is why I’m buying! Even if it dips down to $0.76, I’m buying more and plan to book profits between $4 and $6.”

At time of writing, ADA is trading at $1.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Source link

Analyst

Dogecoin Price Continues Trading Sideways But Bullish Pennant Says Get Ready For $1.30

Published

3 weeks ago

December 4, 2024

admin

Este artículo también está disponible en español.

The Dogecoin price action in the past 48 hours has been highlighted by a consolidation below the $0.45 price level. Interestingly, technical analysis shows that this consolidation is part of a bullish pennant that has been in formation since early November. Particularly, Dogecoin is currently in the flag phase of the bullish pennant formation, which is known to be the consoldation phase before the next leg up.

According to Crypto analyst KrissPax, this Dogecoin price movement is creating a “great springboard for the next big Doge pump.”

Dogecoin’s Sideways Trading Forms The Foundation For Growth

The Dogecoin price has been trading within range since it reached the $0.47 mark on November 23. This range has been highlighted by a key support level around $0.37 that prevented further declines on November 26. Crypto analyst KrissPax noted that this consolidation has held above support, which he interprets as constructive rather than negative.

In terms of a Dogecoin price outlook, KrissPax highlighted that the consolidation has led to the formation of a bullish pennant, which is set to be broken at the upper trendline. For his price prediction, he highlighted the $1.3 level as the prime target after the breakout.

The bullish pennant typically forms after a strong upward rally followed by consolidation, with price movements resembling a triangle. A breakout from this pattern often signals the continuation of the prior trend, making $1.30 a plausible target if the pattern holds true.

The current Dogecoin sideways trading is holding support and making for a great springboard for the next big Doge pump. This bullish pennant targets a big move up to $1.30!
Chart: Trader Tardigrade pic.twitter.com/cho062TLNU
— KrissPax (@krisspax) December 3, 2024

What Could Drive The Dogecoin Price To $1.3?

At the time of writing, Dogecoin is trading at $0.419, according to CoinMarketCap, reflecting an impressive surge of about 178% over the past 30 days. Should Dogecoin manage to sustain its upward trajectory and achieve a breakout toward the $1.30 target, it would represent an additional 210% increase from its current price, as well as a decisive move beyond its all-time high of $0.7316.

However, the path to $1.30 depends on other market factors that extend beyond the bullish pennant pattern currently forming in Dogecoin’s price chart. Nonetheless, current market factors suggest that the meme coin’s price is still in a good position to keep growing. A key contributor to this outlook is the recent surge in activity on the Dogecoin blockchain, particularly among large holders.

According to data from blockchain analytics firm Santiment, there has been a significant whale accumulation over the past several days. According to Santiment’s data, Dogecoin whales collectively acquired an additional 160 million $DOGE tokens within just 48 hours. This increase in demand could help sustain Dogecoin’s price rally and support its bid to surpass previous highs.