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Cryptocurrency News Articles
Dogecoin (DOGE) Second Low Could Signal Big Gains Ahead
Sep 05, 2024 at 11:00 am
Trader Tardigrade, a crypto analyst, told his 55,100 followers on X (formerly Twitter) that Dogecoin has officially formed a second low
Dogecoin (CRYPTO: DOGE) is gearing up for a potential 4,000% rally to new all-time highs above $4, a technical analysis suggests.
Here's how Dogecoin's second low could signal big gains ahead.
What Happened: Dogecoin, the largest meme-based cryptocurrency by market capitalization, has recently formed a second low, suggesting that the meme coin could be preparing for a potential massive rally.
Trader Tardigrade, a crypto analyst, shared his analysis with his 55,100 followers on X (formerly Twitter) on Monday.
Dogecoin touched a crucial support level earlier this year, and now a second lower low has been established, Tardigrade noted.
The analyst shared a price chart illustrating Dogecoin's price movements since 2014, highlighting periods where the meme coin had formed a first and second low after hitting a key support level, which then led to a massive price surge.
From 2014 and 2017, Dogecoin found support in 2015, followed by a second low in 2017, which triggered a substantial price rally later that same year.
A similar pattern played out between 2018 and 2021, with Dogecoin reaching a critical support level in 2020, forming a second low in 2021, and then skyrocketing in value later that year.
Following this historical trend, Trader Tardigrade questions whether Dogecoin might follow a similar price pattern or if this time will be different.
The cryptocurrency has already hit a key support level in 2023, and recently established its second low, hinting that it may be preparing for a dramatic price increase.
Reviewing the price chart, the analyst points to a rally to the upside, suggesting that DOGE could potentially witness a staggering 4,000% price surge above $4 during this bull cycle.
When asked by a crypto community member if this bullish price breakout might occur on November 6, after the end of the United States Presidential elections and a potential Donald Trump win, Trader Tardigrade responded simply with, “Not a bad guess.”
The analyst has remained highly optimistic about Dogecoin’s future outlook, suggesting in a previous X post that Dogecoin may finally have reached its bottom in the current market downtrend, with indications of a major bullish crossover on the horizon.
See Also: Best Cryptocurrency Scanners
Bullish Divergence Points To Potential Upside: Meanwhile, popular crypto analyst Ali Martinez has identified a unique technical pattern in the Dogecoin price chart.
Martinez disclosed that Dogecoin is currently showing a bullish divergence against the Relative Strength Index (RSI) on the 4-hour chart.
A bullish divergence occurs when the price of a cryptocurrency is making new lows while its RSI is hitting higher lows.
This discrepancy is seen as a sign that the market is gaining strength, characterized by weakening selling pressure that could lead to a potential price reversal.
The analyst also revealed that Dogecoin’s TD indicator was flashing a buy signal, suggesting that current conditions may be favorable for a possible upward price movement.
At the time of writing, the price of Dogecoin is trading at $0.096, reflecting a 2.53% decrease in the last 24 hours, according to CoinMarketCap.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
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