Dogecoin has really been on a rollercoaster these past few months, plummeting from a high of $0.48 all the way down to $0.14, a shocking drop of over 70%. But did you know? Recently, an interesting doji candlestick appeared on the weekly chart, which could mean that Dogecoin is about to turn around!
As you can see on Dogecoin's weekly chart, that doji seems to be saying: 'Hey, the market is a bit tangled now, neither the buyers nor the sellers are willing to give in.'
However, the doji is not always that neutral. Sometimes, it acts like a turning point for the market, especially after similar situations have occurred with Dogecoin before, leading to a sharp price increase of 240%. This time, I think Dogecoin might start its performance again.
Last week, Dogecoin's opening and closing prices were almost identical, as if saying: 'Look, the market really doesn’t know what to do right now.' With such a small price difference, I feel that the selling pressure may not be that strong, and perhaps Dogecoin is about to see a rebound.
Speaking of targets, I think Dogecoin is very likely to shoot straight towards $0.95, or even higher. It seems to be following an upward trend, which generally indicates that prices will continue to rise. Although Dogecoin dropped 3% today, trading around $0.17, those who are bullish still have confidence in it.
Market sentiment is crucial for a meme coin like Dogecoin. Historically, whenever Dogecoin shows significant technical signals, the price tends to rise sharply. If more and more people buy in, this meme coin might challenge its previous highs, or even break through that tempting $1 mark.
Of course, it's not that easy to rise. Dogecoin first needs to break through the $0.20 barrier before it can continue to push upwards. If it really stands above this price level, it may gain more confidence to move higher, with a target possibly at $0.30.
However, for Dogecoin to avoid a more severe drop, it must hold the $0.16 bottom line. If it falls below this, it could trigger more bearish sentiment, and the price might drop back to $0.14.
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