The value of Dogecoin has not met market expectations, stuck in a persistent sideways trend affecting the meme coin. This situation has resulted in ambiguous signals on the chart, complicating predictions regarding the future price of the altcoin. There have been several bullish and bearish formations, with the latest signals suggesting a bearish trend. Consequently, reaching the $1 target seems increasingly difficult due to the ongoing stagnation.
Various Buy Signals on Dogecoin’s Daily Chart
Dogecoin analyst on X (previously Twitter), @Kev_Capital_TA, provided an analysis to the community indicating some negative trends for Dogecoin’s price. As per the crypto analyst, there are two sell signals currently visible on the daily chart for the meme coin.
These sell signals emerged after the DOGE price encountered resistance at the falling wedge, indicating a lack of strength. This scenario suggests that the Dogecoin price may struggle to maintain its current level, potentially leading to a decline. Thus, while the sell signals might be valid, they could apply only in the short term.
Additionally, the crypto analyst highlighted the growing momentum on the 3-Day LMACD, which counters the bearish pressure hinted at by the daily sell signals. Therefore, if selling pressure does manifest, it may not be as severe as anticipated.
The analyst elaborates that if the Dogecoin price declines, such a drop would likely be temporary. “The 3-day LMACD continues to indicate upward momentum, suggesting any daily pullback will be brief and less forceful, and we might soon see a breakout from this wedge to the upside,” he stated. “Essentially, we’re witnessing a confrontation between bullish momentum on the 3-day chart and bearish signals on the daily.”
Is a $1 Target Still Feasible for DOGE?
Amid these uncertainties, Dogecoin investors still focus on the $1 target, but despite some recovery in the markets, the meme coin is still far from this goal. In response to Kevin’s analysis, a user on X queried whether DOGE could still achieve $1 during the next bull run.
The crypto analyst replied that the likelihood of the meme coin reaching this goal is lower than not reaching it. “I estimate a 60% probability that it won’t reach that target, and a 40% chance that it will,” Kevin remarked. This viewpoint illustrates how distant the $1 target is, and achieving a 1,000% increase to get there seems unlikely in the near future.
Featured image created with Dall.E, chart from Tradingview.com
