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Dogecoin Enters Final Stage Of Consolidation, Analyst Predicts 6,150% Rally To $7.5
Crypto analyst Trader Tardigrade has provided insights into the Dogecoin (DOGE) future trajectory. Based on his analysis, the foremost meme coin could soon enjoy a god candle, sending its price to unprecedented heights.
Dogecoin’s Massive Rally Will Send It To .5
Trader Tardigrade predicted in an X (formerly Twitter) post that Dogecoin will rise to as high as .5 when it makes its “huge surge.” He made this prediction while revealing that the meme coin had formed a triangle consolidation, which is the last phase of consolidation before Dogecoin made that massive move to the upside.
The crypto analyst also revealed that these triangle consolidations have formed in every market cycle and usually occur just before Dogecoin enjoys a parabolic rally. Trader Tardigrade has been bullish on DOGE for a while now and has continued to lay out bullish narratives for the meme coin.
In one of his previous X posts, he highlighted a ladle pattern, which he claimed has always formed for the meme coin in every cycle. He mentioned that “the bowl” was ready and was almost time for the shaft. The chart he shared showed that Dogecoin could rise above once the shaft had formed.
In another post, Trader Tardigrade highlighted a parallel channel that Dogecoin usually follows. He then claimed that the meme coin’s next move would be “huge” while revealing that DOGE had left the lower support line of the current channel. Based on the chart he shared, Dogecoin could rise to when that move happens.
Meanwhile, Trader Tardigrade isn’t the only analyst who has alluded to Dogecoin’s historical patterns to predict the meme coin’s future trajectory. Crypto analyst Javon Marks recently predicted that Dogecoin could rise to as high as based on its historical breakout trend, in which the meme coin always enjoys a larger run in every subsequent bull run.
Dogecoin Current Outlook
Despite the bullish predictions made by these analysts, Dogecoin seems to have a bearish sentiment around it at the moment. Crypto analyst Kevin (formerly Yomi OG) revealed that DOGE has lost all of its daily moving averages, which he noted is a “very bad sign” for Dogecoin in the short to medium term if it cannot reclaim these moving averages.
The crypto analyst added that Dogecoin had made a lacklustre bounce after tapping the golden pocket down at .11. For now, he claimed that the point of interest is Dogecoin climbing above .132 and that it would need to hold above the range between .10 and .11 should the meme coin go lower.
At the time of writing, Dogecoin is trading at around .12, down in th last 24 hours, according to data from CoinMarketCap.
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Ethereum Price Pulls Back from Resistance: Will the Bulls Stage a Comeback?
Ethereum price started a downside correction from the ,885 resistance zone. ETH is now back below ,800 and might continue to slide toward ,720.
- Ethereum started a pullback after it failed to clear the ,880 resistance.
- The price is trading below ,840 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trend line with support near ,830 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh upward move unless there is a close below the ,720 support.
Ethereum Price Dips Again
Ethereum price extended its increase above the ,840 resistance zone. However, ETH struggled to clear the ,885 level and started a downside correction like Bitcoin.
There was a decline below the ,840 support level. Besides, there was a break below a key bullish trend line with support near ,830 on the hourly chart of ETH/USD. The pair declined below the 50% Fib retracement level of the upward wave from the ,730 swing low to the ,885 high.
Ethereum is now trading below ,840 and the 100-hourly Simple Moving Average. However, the bulls are active near the 61.8% Fib retracement level of the upward wave from the ,730 swing low to the ,885 high.
If there is another increase, ETH might face resistance near the ,810 level. The first major resistance is near the ,840 level. An upside break above the ,840 resistance might send the price higher. The next key resistance sits at ,920, above which the price might gain traction and rise toward the ,000 level.
If the bulls push Ether above the ,000 level, the price might rise and test the ,080 resistance. Any more gains could send Ether toward the ,200 resistance zone.
More Losses In ETH?
If Ethereum fails to clear the ,840 resistance, it could continue to move down. Initial support on the downside is near ,765. The next major support is near the ,750 zone.
The main support sits at ,720. A clear move below the ,720 support might push the price toward ,650. Any more losses might send the price toward the ,550 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – ,765
Major Resistance Level – ,840
Analyst Says Get Ready As Dogecoin Enters ‘Expansion Stage’, Can DOGE Reach $12?
Dogecoin is one of the cryptocurrencies getting a lot of interest from analysts recently. With meme coins expected to outperform once again during this bull cycle, crypto analyst Crypto Kinfolk has pointed out where the Dogecoin price could end up as this bull cycle manifests.
Dogecoin Enters Expansion Stage
In an analysis posted on the TradingView platform, crypto analyst Crypto Kinfolk laid out a possible scenario that could see the Dogecoin price soar from here. Starting out with a brief history, the crypto analyst highlighted how far the meme coin has come since being created back in 2013 as a joke. Also, having such a long history has made it possible for historical analysis to be drawn for the meme coin.
One of these historical analyses is how the price of Dogecoin has performed in previous bull markets. In the last two bull markets, meaning the 2017-2018 and 2020-2021 bull markets, the DOGE price saw massive gains of 21,000% and 50,000%, respectively.
Given this, a continuation of this trend could suggest that the meme coin could outperform in another bull market. As Crypto Kinfolk points out, Dogecoin has created a habit of mimicking its performance from the last bull cycle. So if there is a repeat, then this bull cycle could be just as explosive as the last, leading to what the analyst calls “a mind melting bull run.”
Can DOGE Price Rise To This Bull Cycle?
Pointing to the chart, Crypto Kinfolk explains that Dogecoin has finally completed its bear market trend, which is now giving way for recovery. More importantly, the meme coin is breaking out of accumulation, something that is historically bullish for price. As a result of this, the crypto analyst believes that the DOGE price has now entered an “expansion stage.”
In this expansion stage, the meme coin is expected to outperform, and even if it replicates just a small percentage of its previous bull runs, its price could quickly rise to unprecedented levels. The first target put forward by the analyst in this stage is .20. Hitting this first target would mean an almost 2,500% increase from its current price level of .1626 at the time of writing.
However, the analyst does not stop there, expecting further outperformance from the meme coin. The second target is a 6,100% increase to hit the .10 level. Last but not least, the third target was placed at , representing an expected 7,200% increase in price.
“With rumors shooting around the internet that Elon may add DOGE as the local currency for the X platform and this being a real possibility, I think it is counterproductive to think these type of gains are not in the cards,” Crypto Kinfolk concluded.
Bitcoin Has Solid On-Chain Cushion Below $68,900: Stage Set For Fresh Rally?
On-chain data shows Bitcoin could have significant support between ,900 and ,900, which may help provide solid ground for a fresh surge to higher levels.
A Large Amount Of Investors Bought Their Bitcoin Between ,900 & ,900
According to data from the market intelligence platform IntoTheBlock, BTC is currently floating above a major demand zone. In on-chain analysis, the strength of any support or resistance level is based on how much “demand” was present at it.
Below is a chart that shows the various Bitcoin price ranges near the current spot value and how they compare in terms of the total amount of the asset the investors purchased.
Here, the size of the dot correlates to the total number of tokens that were last acquired at the corresponding price range. It would appear that, out of these zones, the levels between ,900 and ,900 currently host the cost basis of the greatest amount of BTC.
More than two million addresses have acquired 1.1 million BTC inside this range. Since the current BTC spot price is above these levels, all investors who buy there will make slight profits.
Investor cost basis is important in the on-chain analysis because the level has special psychological significance. A potential retest of it can result in a flip of the profit-loss balance for the holder.
As such, investors may be prone to making some moves when a retest like this takes place. A holder carrying losses before the retest (that is, the retest is happening from below) may be tempted to sell for fear that the price will go down in the future.
On the other hand, an investor in the green before the retest may have reason to believe the price would go up again and, thus, could decide to accumulate more.
When retests of price ranges thick with investors, one of these reactions may arise on a scale that could be relevant for the wider market, therefore, major demand zones below can act as support points, while those above can act as resistance blocks.
Bitcoin has a large support range of ,900 to ,900 right now, which could help cushion any falls should the asset’s price decrease.
From the chart, it’s also apparent that, at the same time, the Bitcoin ranges ahead are thin with holders. This could, in theory, provide the ideal conditions for a rally towards higher levels.
BTC Price
Bitcoin surged past the ,000 level earlier in the day, but the asset has since retraced to ,100.
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