Dogecoin has been stuck in a rut lately, going nowhere fast. This has left analysts scratching their heads, unsure of what’s next for the meme coin.
Bearish Signals Emerge
One analyst, @Kev_Capital_TA, noticed some concerning signs on Dogecoin’s daily chart. He spotted two sell signals, indicating that the price might be headed down. This is bad news for those hoping to see Dogecoin hit $1.
However, there’s a glimmer of hope. The 3-Day LMACD (a technical indicator) shows increasing momentum, suggesting that any potential dip might be short-lived. So, while the daily chart looks bearish, the bigger picture might be more bullish.
$1 Target: A Long Shot
The $1 target remains a dream for many Dogecoin investors, but it’s looking increasingly unlikely. The analyst believes there’s only a 40% chance of Dogecoin reaching $1, with a 60% chance it won’t.
To hit $1, Dogecoin would need to rally a whopping 1,000%, which seems like a long shot at the moment. So, while the dream isn’t completely dead, it’s definitely facing some serious challenges.
