Dogecoin has been on a bit of a rollercoaster lately. After hitting a high of $0.48, it dipped down to around $0.25. But some experts think it’s about to take off again!
Technical Indicators Point to a Bullish Future
Several analysts are predicting a major upswing for Dogecoin. Trader Tardigrade, for example, sees key technical indicators suggesting a new uptrend is brewing. A recent bullish divergence on the RSI (Relative Strength Index) chart – the first of the year – and a long wick on the daily chart (signaling a potential trend reversal) are key pieces of evidence. Tardigrade even thinks Dogecoin could hit $1, potentially triggering an even bigger rally. This current bull cycle is expected to be the biggest yet, surpassing previous highs.
Key Resistance Levels in Sight
Reaching $1 isn’t the only goal. Crypto expert Natalie Dormer points to $0.40 and $0.48 as crucial resistance levels. Dogecoin is currently retesting broken Exponential Moving Averages (EMAs). If it breaks through these levels with strong volume, a significant price increase could follow.
Current Market Situation
Right now, Dogecoin is trading around $0.25, with only a slight increase in the past day. This weak performance could be due to lower investor confidence, as seen in a recent significant drop in daily trading volume. However, the positive technical analysis suggests that this might be a temporary setback before a much bigger move.
