Dogecoin Price Tumbles 15% In A Week, But This Analyst Says $1.25 Target Could Still Be In Play
A widely followed chartist predicted a bullish breakout for Dogecoin (CRYPTO: DOGE) on Tuesday, painting bold targets at $0.6533 and even $1.25, despite the meme coin’s corrective price action of late.
What Happened: In an X post, Javon Marks said that the dog-themed cryptocurrency continues to hold a bullish pattern and breakout, which could potentially lead to a “massive move” toward the $0.6533 level. This would represent a 280% run from its current price.
“But that may not be the end,” Marks added. “With the post-breakout chop, these prices may break above this target, bringing in play $1.25!” The $1.25 level was nearly 632% away as of this writing.
The bullish forecast was also echoed by popular cryptocurrency trader Trader Tardigrade, who noted DOGE forming a falling wedge pattern.
A falling wedge is a bullish pattern that suggests potential upward price movement and a reversal from an existing downtrend.
“The downward momentum has gradually decreased as it nears the wedge’s apex,” the trader added.
Why It Matters: These optimistic projections contrasted with DOGE’s ongoing price action. The largest meme coin by market capitalization has tumbled over 15% in a week owing to the geopolitical tensions caused by the Iran-Israel conflict.
The balance held by long-term holders of the coin declined 0.88% in the last 24 hours, according to IntoTheBlock, suggesting that diamond hands were selling.
Additionally, the Moving Average Convergence Divergence indicator, which compares an asset’s short-term price to its long-term price, flashed a “Sell” signal for DOGE, according to TradingView.
On the other hand, the Commodity Channel Index, which measures the difference between the current price and the historical average price, signaled a “Buy.”
Price Action: At the time of writing, BTC was exchanging hands at $0.1707, down 1.34% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the cryptocurrency has lost over 47% of its value.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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