Crypto analyst Trader Tardigrade has provided an update on the current price action of Dogecoin. The analyst revealed that the meme coin signaled a bullish crossover in the market. moving average convergence/divergence (MACD) and suggested the next direction of DOGE price.
Dogecoin displays a bullish pattern
In a MessageTrader Tardigrade revealed that Dogecoin MACD reported a bullish crossover and that the price structure shows several higher lows during a recent rebound. The analyst noted that this indicates that DOGE has gained buying power and may have completed the pullback.
According to his analysis, Dogecoin price appears well poised to witness a bullish reversal, having consolidated for almost a month since the first phase of its bull run. The attached chart from trader Tardigrade shows that DOGE could rally back to around $0.5 during the next leg of it’s a bull race.
The crypto analyst had recently predicted that Dogecoin price could reach double digits in this market cycle, as it appeared to replicate the two sub-cycles of the 2017 bull run. The first sub-cycle appears to have been the parabolic rally recorded by Dogecoin between October and early November . The crypto analyst suggested that DOGE could reach as high as $30 when the second sub-cycle occurs.
Meanwhile, crypto analyst Master Kenobi suggested that the next rise in Dogecoin price could start around December 30. He said the leading coin would likely see red weeks between now and then. Master Kenobi suggested that these price cuts were necessary. Meanwhile, he predicted that Dogecoin could reach a new all-time high (ATH) by December 30 or next month when Donald Trump takes office.
The fate of DOGE is in the hands of Bitcoin
In a post Kevin Capital said that Dogecoin is not in control of itself and its fate rests solely in the hands of Bitcoin. As such, he believes that focusing too much on DOGE’s price action could be a waste of time. However, the analyst provided some insight into the current price action of DOGE.
He said that Dogecoin is currently trading between the golden macro pocket and the 0.5 Fibonacci macro level. Kevin further revealed that these are two major areas of support and resistance, and a breakout of either will cause a “cascading effect of aggressive moves.” Meanwhile, the crypto analyst is convinced that DOGE’s bull run is still ongoing.
He said there is no evidence the cycle is over. Therefore, he expects the price of Dogecoin to rise sooner or later. In the meantime, he advised market participants to do nothing but wait for DOGE. bull run to continue.
At the time of writing, Dogecoin price is trading at around $0.4, down more than 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
