Analysts are predicting a potential surge in Dogecoin’s value, looking back at its historic rally in November 2020. This anticipation stems from technical indicators, including a breakout from the 2-month Bollinger Bands and a bullish crossover of the 2-month LMACD. These signals suggest that Dogecoin’s price could experience an upward movement in the near future.
Read CRYPTONEWSLAND onKevin, a crypto analyst on X, has given his insights on the 2-month Bollinger Bands Breakout indicator, which indicates a breakout ready to occur for the first time since November 2020. This pattern, characterized by a period of contraction followed by expansion, often precedes a substantial price movement. Additionally, the 2-month LMACD bullish cross, unseen since November 2020, further strengthens the case for a bullish trend in Dogecoin’s price.
Kevin’s analysis relies heavily on Fibonacci levels, presenting multiple 1.618 Fibonacci extensions as potential targets for Dogecoin’s price surge. Despite recent lows in the crypto market, Dogecoin has demonstrated resilience. Currently trading at $0.1605 with a market cap of $22.88 billion, DOGE experienced a decline over the past week. However, a rebound on June 1st saw the cryptocurrency reclaiming the $0.16 mark.
Recent reports suggest an increase in Dogecoin whale activity, with large holders acquiring an additional 200 million DOGE since May 30th. Meanwhile, the Dogecoin community faced mixed emotions with the passing of Kabosu, the iconic Shiba Inu that has symbolized the cryptocurrency since its inception. Despite the somber moment, retail interest in Dogecoin appears to be resurging.
While Kevin’s analysis are optimistic for Dogecoin, not all industry figures share the sentiment. Ripple CEO Brad Garlinghouse recently criticized Dogecoin at the 2024 Consensus conference, questioning its long-term value and contribution to the crypto industry. Garlinghouse emphasized the need for the market to mature beyond speculative assets, using Dogecoin as an example.
As Dogecoin prepares for a potential breakout, fueled by bullish technical indicators and historical trends, the crypto market watches on. While some remain skeptical of its long-term viability, others see Dogecoin’s resurgence as a testament to the enduring appeal of memes in the crypto space.
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Frankfurt, Germany, 2nd July 2024, Chainwire