Dogecoin Could Break Yearly Highs ‘Any Moment Now’ – Crypto Analyst
October 10 2024 - 5:00PM
NEWSBTC
Dogecoin is currently testing a crucial demand level after
experiencing a 23% decline from its local highs of $0.13. As
the meme coin navigates this turning point, the broader crypto
market anticipates a potential rally in the coming weeks, driven by
the Federal Reserve’s recent decision to cut interest rates.
However, October kicked off with increased selling pressure,
leaving investors searching for signs of strength in Dogecoin’s
price action. Related Reading: Bitcoin Failed Attempt To Break
$64,000 Could Lead To A Disaster – Analyst Top analyst Mister
Crypto has shared a bullish outlook, stating that Dogecoin could
begin its next rally “any time now.” His technical analysis
highlights key support levels and suggests that the current price
could be a launchpad for significant upside movement. Despite
the recent dip, many traders remain optimistic that DOGE could soon
recover and enter a new bullish phase. All eyes are now on whether
Dogecoin can hold its critical demand level and break out shortly.
Dogecoin Testing Crucial Demand Dogecoin is currently surrounded by
speculation as investors and analysts offer varying opinions on its
future price action. After several weeks of significant ups and
downs, the meme coin has seen massive volatility, reflecting the
broader market’s uncertainty. Some analysts remain optimistic about
Dogecoin’s prospects, while others caution against getting too
bullish too soon. A technical analysis shared by prominent analyst
Mister Crypto on X suggests a potentially bullish scenario for
DOGE. His analysis highlights a 4-day (4D) price chart, where a
bullish triangle pattern has just been broken. This breakout
signals a possible rally ahead, which, if realized, could lead to
gains exceeding 100%. Mister Crypto’s forecast has sparked renewed
hope among Dogecoin traders, who are now carefully managing their
risk in anticipation of this potential move. Related Reading: XRP
Will Jump 75% If It Holds Current Demand Level – Details However,
despite the optimism, there is still no clear confirmation that
Dogecoin has entered a new bull run. For this bullish scenario to
be validated, the price must close above the current demand level
and hold support. Until then, the market remains cautious, and
investors are waiting for further price action to confirm whether
Dogecoin will break out or continue to trade sideways. With so much
speculation and uncertainty, the coming days will be critical for
DOGE’s trajectory. Price Action: Technical Levels To Hold Dogecoin
(DOGE) is currently trading at $0.106 after experiencing an 8% dip
since Monday. The price has lost both the 4-hour 200 moving average
(MA) at $0.107 and the 200 exponential moving average (EMA) at
$0.108, placing DOGE in a precarious position as it now tests
crucial demand levels. For bullish momentum to return, DOGE needs
to break back above these key indicators and reclaim the $0.12
mark. A surge beyond this level could set the stage for a higher
push, giving bulls the control they need to shift market sentiment.
However, the current market environment remains fragile, and any
failure to recapture the 4-hour MAs could signal further downside.
Related Reading: Can SUI Break Past $2 Resistance? On-Chain Metrics
Reveal Growing Demand If DOGE fails to hold its current levels,
analysts anticipate a deeper correction that could drive the price
down to around $0.08, a key support zone. Traders are watching
closely to see if DOGE can stabilize or if more downside is ahead.
This makes the coming days crucial for determining whether the meme
coin can rebound or face further selling pressure. Featured image
from Dall-E, chart from TradingView
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