As the cryptocurrency market rides a bullish wave, fueled by Donald Trump’s victory In the US presidential election, Dogecoin price was the leader, rising more than 25% earlier this week. The cryptanalyst emphasizes that as momentum builds towards a potential all-time high Dogecoin fall risk decreased significantly. This positive shift is due to the recent bullish trend in the 1-month, 2-month, 3-month and 6-month candlesticks, which are now turning bullish.
Dogecoin Price Forecast Improves With Long-Term Candles
In a recent technical analysis, a cryptanalyst on X (formerly Twitter) was called “Coach”. stated What Long term Dogecoin candlesin particular, the 1M, 2M, 3M and 6M indicators become bullish. These monthly candles reflect the dynamics of the cryptocurrency. price-quality over long periods and are often used to assess larger market trends.
In the case of Dogecoin, these long-term candles highlight that the meme coin has a constant rise in prices has been recordeddemonstrating strong market performance over the month, quarter and two years. Based on long-term bullish candles, The Coach suggested that Dogecoin’s downside potential has weakened significantly. This means that the likelihood of a significant decline in the price of Dogecoin is now much lower, suggesting a more stable and possibly more stable situation. bullish outlook for the near term.
As of now, analysts are speculating that if Dogecoin is able to bounce from its current price level of around $0.19, it could easily overcome the threshold of $0.22 and prepare for the next bullish price target. While The Coach is confident in Dogecoin’s bullish prospects, he acknowledged that several obstacles could stand in the way of this projected price increase.
Factors such as market volatility could cause sudden short-term fluctuations, making it difficult for Dogecoin to sustain price increases. Besides, making a profit from short-term holders could also halt Dogecoin’s growth.
DOGE unlikely to make $1 this month
In another, later X postThe Coach expressed optimism about Dogecoin’s price movement, highlighting the overall positive market trend for DOGE. However, he said it was unclear whether the meme coin could reach $1 this month.
While the $1 price target may seem too ambitious, The Coach stressed that Dogecoin will inevitably reach higher highs. He also marked what if dogecoin reached the 1 dollar markit will happen quickly and without warning, and many will be trying to understand how it happened.
Moreover, the analyst disclosed that with the support of the CEO (CEO) of SpaceX and Tesla, Elon Musk and newly elected US President Donald Trump, Dogecoin could see an even more bullish price rally, possibly reaching new price highs near the $0.3 level. At the time of writing, the meme coin’s price is trading at $0.197, reflecting a 3.66% increase over the past 24 hours and a 24.15% increase over the past week, according to CoinMarketCap.
