Bitrabo Editorial
Dogecoin’s performance has not met market expectations, trending sideways and creating confusion about its price trajectory. This inconsistency is evident on charts, making it challenging to predict the altcoin’s future value. Recent patterns have shown alternating bullish and bearish signals, with sell signals dominating lately. Consequently, the goal of reaching $1 seems increasingly unattainable due to this stagnant behavior.
Bearish Indicators on Dogecoin’s Daily Chart
Analyst @Kev_Capital_TA shared insights on X (formerly Twitter), pointing out some concerning trends for Dogecoin’s price. The analysis highlights two noteworthy sell signals on the daily chart.
These signals emerged after Dogecoin faced resistance at the falling wedge pattern, indicating weakness in its price. This suggests a potential downturn may be imminent, and the current sell signals could indicate short-term challenges.
Additionally, the analyst noted an upsurge in momentum on the 3-Day LMACD, which contrasts with the bearish signals on the daily chart. This might imply that any anticipated selling pressure could be less severe than expected.
The analyst conveyed that should a decline occur, it will likely be temporary. “The 3-Day LMACD still shows strengthening momentum upward, suggesting any daily pullback will be brief and not significantly impactful, ultimately leading to a breakout from the wedge,” he explained. “We are currently facing a conflict between bullish momentum on the three-day chart and bearish signals on the daily chart.”
Is $1 Still Within Reach for DOGE?
Despite the uncertainties, Dogecoin investors maintain a target of $1. However, even as the market shows some recovery, the meme coin remains a long way off from this goal. In response to Kevin’s analysis, a user on X inquired whether the DOGE price could still reach $1 during the anticipated bull run.
Kevin noted that the likelihood of Dogecoin reaching this target is low, citing a 60% chance it won’t meet the goal compared to a 40% chance it will. This perspective highlights the considerable distance to the $1 milestone, indicating that a 1,000% increase needed to achieve it is unlikely to materialize anytime soon.