When Is A Good Time To Enter Dogecoin? Analyst Says Wait For This To Happen
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Dogecoin is again rallying to the upside, sparking bullish sentiments towards the leading meme coin. With bulls looking to take advantage of this rally, crypto analyst Kiu has provided insights into what market participants should look out for before jumping on the DOGE rally .
What To Look Out For As Dogecoin Rallies To The Upside
In a TradingView post , Kiu told market participants to look for a clear breakout and at least two 4-hour candles closing above the resistance line around $0.19460. He remarked that if the Dogecoin price then retests that line as new support, it is a good spot to enter a long position. The analyst advised that a stop loss be put around the current low at $0.12500.
Kiu outlined this plan while also commenting on Dogecoin's current price action. He noted that the price is currently breaking above the descending channel , which forms the falling wedge resistance line. The analyst claimed this was a bullish signal but told market participants to pay close attention to the next key resistance area, around $0.19460. This area aligns with the previous high and the red resistance zone.
Source: Kiu on Tradingview
Meanwhile, the crypto analyst stated that the top of the wedge is the target for this projected rally since it also aligns with a heavy resistance zone. His accompanying chart showed that $0.45143 is the target, a price level that also represents a local high for Dogecoin . DOGE rallied to that level in December last year following its bull run, which began around October.
Read More Monero [XMR]: Bears should be cautious about the $157.1 support
Crypto analyst Kevin Capital also alluded to an analysis in which he predicted Dogecoin would enjoy a significant rally to the upside once Bitcoin's dominance found a macro top. Based on his accompanying chart, DOGE could at least rally to the much-anticipated $1 price level.
DOGE's Short-Term Target Is $0.29
Crypto analyst Trader Tardigrade predicted that Dogecoin could rally to as high as $0.29 in the short term. He revealed that DOGE is breaking out of a diamond pattern on the daily chart, with $0.29 being the target for this breakout. His accompanying chart showed that the rally to this target could happen before the month ends.
In another post, Trader Tardigrade indicated that Dogecoin will likely sustain this bullish momentum. He revealed that an RSI breakout is visible on the daily chart, which consistently occurs during every 29-day period during which DOGE witnesses a pump. In line with this, the analyst affirmed that the meme coin's uptrend is 'programmed.' Dogeoin is already eyeing a breakout above the psychological $0.2 level, which could pave the way for a rally to new highs.
At the time of writing, the Dogecoin price is trading at around $0.19, up over 8% in the last 24 hours, according to data from CoinMarketCap.
DOGE trading at $0.20 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from Getty Images, chart from Tradingview.com
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