Dogecoin (CRYPTO:DOGE) has taken a sharp turn this week amid the Cryptocurrency market rout, but that hasn’t deterred the optimists.
What happened
The canine-themed meme-based cryptocurrency is down 19% this week from a 7-day peak of $0.48. The fall has been precipitated by the flash crash of Bitcoin (CRYPTO:BTC) on Monday.
The cryptocurrency analyst followed by many, Trader Tardigradeobserved that DOGE was oscillating between the oversold and overbought zones on the macro chart and that the upper cycle was still far away.
More Read
“DOGE just left the oversold zone and is now heading towards the overbought zone, which is projected linearly at around $8 to $10,” the analyst stated. “I consider this to be the maximum of this cycle.”
Trader Tardigrade projected that after the high, DOGE could fall to the $0.8 to $1.8 support zone, which could be the entry point for the next cycle.
#Dogecoin has been bouncing between the Oversold and Overbought Zones on macro chart 
$Doge you have just left the oversold zone and is now heading to the overbought zone, which is projected linearly at around $8 to $10.
I consider this is the top of this cycle.
The next floor price… pic.twitter.com/LiOIuZaX63
— Trader Tardigrade (@TATrader_Alan) December 9, 2024
Another technical analyst with a significant number of followers on X, Charting Guyprojected that DOGE’s irregular movement would end in the next 10 days and that the next big advance would take it to all-time highs.
“In my opinion, we are in the final moments of accumulating altcoins at decent prices; Don’t let the blood scare you, be greedy,” the trader said.
$DOGE last cycle fractal update
consolidation/chop should be over within 10 days or so if we continue to follow this
next move should take us to ATH
imo, we are in the final moments to accumulate alts at decent prices, don’t let the blood scare you, get greedy https://t.co/RLRAKO6sTl pic.twitter.com/hkqDydCVGB
— Charting Guy (@ChartingGuy) December 10, 2024
Why is it important
This optimistic observation contradicted the signals of some well-known technical indicators of the cryptocurrency.
The Moving Average Convergence and Divergence indicator issued a “sell” signal at the time of writing, according to data from TradingView.
The MACD compares two exponential moving averages of an asset’s price to show trend momentum.
Similarly, the Momentum indicator, which compares the current price with the previous price from several periods ago, indicated bearish sentiment.
In the last 24 hours, the balance of long-term DOGE holders decreased by 0.88%, according to IntoTheBlock, suggesting they were selling aggressively.
Dogecoin price movement
At the time of writing, Dogecoin was trading at $0.3927, down 3.95% over the past 24 hours, according to data from Benzinga Pro.
Photo courtesy of Shutterstock
You can also read: 5 stocks in focus this Wednesday: M, SFIX, ADBE, PLAY and NDSN
For more updates on this topic, activate Benzinga Spain notifications or follow us on our social networks: x and Facebook.
Receive exclusive information on market movements 30 minutes before other traders
Benzinga Pro’s 14-day free trial, available in English, gives you access to exclusive information so you can receive useful trading signals before millions of other traders. CLICK HERE to start your free trial.
The post Will Dogecoin (DOGE) reach $10? Analysts evaluate buying cycles and opportunities was first published on Benzinga Spain
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
