Following the U.S. Presidential election results, Dogecoin (DOGE) saw a surge in value and garnered significant attention from traders and investors. However, recent days have shown a weakening trend in the meme coin. This decline in the DOGE rally has raised concerns about the possibility of a downturn in DOGE’s price and the end of its bullish run.
Expert’s Positive Outlook on Dogecoin (DOGE)
Despite the current downturn in the DOGE meme coin, a well-known cryptocurrency expert shared insights on X (previously Twitter) suggesting that the current interest in DOGE has not yet peaked, as it did when it reached its all-time high.
Despite the recent dip, the increasing interest in DOGE suggests that the meme coin has the potential for further growth in the near future. Factors such as bullish price action and market sentiment also support the possibility of an upcoming DOGE rally.
Technical Analysis and Key Levels for Dogecoin
According to CoinPedia’s technical analysis, DOGE has formed a bullish descending triangle and flag-and-pole price action pattern on the four-hour time frame. The price is currently within a narrow range within this pattern, indicating a potential breakout.
Based on historical trends, a breakout above the $0.38 level could potentially lead to a 15% to 50% increase in DOGE’s value, reaching levels of $0.44 or $0.58, respectively.
Currently, DOGE is trading above the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating an upward trend. The Relative Strength Index (RSI) also suggests a potential rally in the near future as the price nears oversold territory.
Current Price Status
With a positive market sentiment, DOGE is trading around $0.365, experiencing a 2% decrease in the past 24 hours. The trading volume has also decreased by 18%, indicating a wait-and-see approach from traders and investors anticipating the breakout of the bullish pattern.
