DOGE flies to the moon: Dogecoin index turns bullish for the first time since 2020
Dogecoin (DOGE) is back in the spotlight once again, as the most important meme coin may be ready to go To The Moon. Previously, cryptocurrency analyst Kevin (formerly Yomi OG) analyzed Dogecoin, emphasizing an important indicator favorable to cryptocurrencies in the analysis.
Kevin mentioned in a post on X (formerly Twitter) that the 12-day time frame of the Gaussian channel recently turned green on the chart of Dogecoin, the first time since December 2020. He claimed that this indicates a potential strong bullish trend for this memecoin in the coming months.
Kevin added that the indicator has never failed to indicate these trend changes, indicating that Dogecoin has indeed experienced a bullish reversal.
In another X post, Kevin claimed that during this time, DOGE's performance has been stronger than most altcoins, while the cryptocurrency market has been declining and trading sideways. He added that if DOGE can stay above the macro 0.382 FIB and the blue support area on the weekly chart, it is likely to enter the golden pocket range of $0.26 to $0.33.
Kevin provided another bullish narrative for Dogecoin in another X post. By looking at the 4-hour timeframe, he emphasized the deviation back to the larger symmetrical triangle, which he claimed was a "bullish signal". He stated that it would be important for Dogecoin to return above the key moving average. He also added that he expects the most important meme token to test the $0.175 price level at some point as there is a significant liquidity within that range.
The cryptocurrency analyst also emphasized the liquidity of the price area. He claimed that there is 'very significant liquidity' at the $0.175 level over a 3-month time frame. In addition, he stated that most of the liquidity outside this level is between $0.20 and $0.23. This is favorable for Dogecoin, as Kevin pointed out that market makers prefer to operate where liquidity is high, and currently Dogecoin's liquidity is definitely higher.
Cryptocurrency analyst CrediBULL Crypto recently mentioned that Dogecoin has reached the level of "make or break". However, he seems confident that Dogecoin may see a bullish trend from its current price level and notes that this meme coin has already reached this "make or break" level when Bitcoin hit its range low. Therefore, he expects that if the flagship cryptocurrency experiences a bullish reversal, the price of Dogecoin will rebound.
Meanwhile, cryptocurrency analyst Crypto Daily has made a short-term bullish prediction for DOGE. He predicts that Dogecoin will soon rise to between $0.33 and $0.35. The analyst added that if the daily closing price exceeds $0.18308, Dogecoin may further pump to $0.57.
(Data source: Scott Matherson)
