The price of Dogecoin has failed to live up to expectations with the continuous sideways movement that has plagued the meme coin. This has led to mixed signals on the chart, making it hard to pinpoint where the altcoin’s price might be headed. So far, there have been multiple bull and bear formations on the chart, with sell signals being the most recent. This has made the $1 target look even harder to attain, given the failure to launch.
Multiple Buy Signals On The Dogecoin Daily Chart
Dogecoin analyst on X (formerly Twitter), @Kev_Capital_TA, shared an analysis with the community that shows some bearish developments for the DOGE price. According to the crypto analyst, the meme coin has two sell signals appearing on its daily chart.
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These sell signals appeared as a result of the DOGE price getting rejected at the falling wedge resistance, showing weakness in the price. Naturally, this suggests that the Dogecoin price may not be able to hold up from here, and a crash might be in the works. As such, the sell signals may be right, but only for the short term.
Another development that the crypto analyst pointed out is the increasing momentum on the 3-Day LMACD. This contradicts the bearish pressure being presented by the sell signals on the daily chart. Therefore, it means that the selling pressure, if actualized may not be as brutal as expected.
The analyst explains that this means that if the Dogecoin price decline were to play out, it would only short-lived. “The 3 day LMACD is still showing increasing momentum to the upside indicating that any pullback on the daily will be short lived and not as powerful and we should very soon still break this wedge to the upside,” he said. “Basically we are in a battle between 3 day shifting bullish momentum and daily bearish signals.”
Can DOGE Still Reach $1?
Through the haze, the target for Dogecoin investors remain $1 but even with the market recovery, the meme coin remains very far from this target. Responding to Kevin’s post, an X user asked if the DOGE price would still be able to hit $1 from here in the bull run.
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The crypto analyst responded that the meme coin has a higher chance of not reaching this target than actually hitting it. “I would say 60% chance that it does not and a 40% chance it does,” Kevin said. This stance puts into perspective how far away the $1 target is and the 1,000% rally required to get there might not be coming anytime soon.
Featured image created with Dall.E, chart from Tradingview.com