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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

Crypto Analyst Tells Dogecoin Investors To Stay Sharp Amid Historical Bullish Setup

Scott Matherson
Scott Matherson
6 days ago
2 mins read
Dogecoin price news

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The Dogecoin price had seen an initial run-up to $0.3 before the correction that brought it back toward $0.26 again. The aftermath of this has been uncertain price movements for the meme coin, especially as bulls and bears vied for control of the digital asset. At this junction, there is now a near equal opportunity for the price to actually go in either direction, and crypto analyst MyCryptoParadise has outlined the conditions that could favor either side.

Why Dogecoin Price Is Still Bullish

Despite the Dogecoin price decline, there is still a lot of bullishness in the current price action. This comes with the breakout of a classic falling wedge pattern, which is bullish for the meme coin, as this breakout could mean that the corrective phase is finally over.

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The crypto analyst also points out that the Dogecoin price has seen a hidden bullish divergence on the RSI, as well as a bullish divergence on the MACD. This means that in addition to the bullish breakout, there is a lot of momentum that is driving the price action now, and this could help to prop up the price.

Additionally, the crypto analyst also explains that there has been a Change of Character (CHoCH). This happened after a liquidity grab, which means that it also supports the fact that the Dogecoin price is still seeing a lot of bullish momentum at this point.

In this case, if the bullishness is confirmed, then the Dogecoin price is likely to see a break above $0.3 and continue from there. However, the analyst advises caution at this level since Dogecoin is not giving clear signals.

Dogecoin price
Source: TradingView

How The Bears Could Win

Amid the heightened bullish activity, there is still the possibility for the Dogecoin price to crash back downward from here, and this lies entirely at the support above $0.25. If this support level breaks, then it would trigger further downside, which could send the meme coin spiraling back toward $0.2.

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Given this, it is important for bulls to hold the price above this invalidation level if the bullish momentum is to continue. If the invalidation level is taken, then the crypto analyst says it is better to wait for a cleaner structure before re-entering Dogecoin again.

“We are playing it safe right now. If you want to be consistently profitable, you need to be extremely patient and always wait only for the best, highest probability trading opportunities,” MyCryptoParadise stated.

Dogecoin price chart from TradingView.com
DOGE price turns again | Source: DOGEUSDT on TradingView.com
Featured image from Dall.E, chart from TradingView.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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