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Dogecoin

Dogecoin Poised For A Deep Pullback After Failing To Hold Key Resistance, Analyst

Kent Tenix by Kent Tenix
4 weeks ago
in Dogecoin
Reading Time: 2 mins read

Following a futile fight to break the $0.07 resistance, Dogecoin (DOGE) appears poised for a big drop. This was a warning in an October 31 X post by prominent crypto analyst Rekt Capital to his nearly 400,000 followers.

According to the analyst, despite its notable rally last week, DOGE failed to break its diagonal resistance, which resisted its ascent for several months. As a result of this failure, DogeCoin’s price might decline significantly soon.

Rekt Capital Analysis: DogeCoin’s Complex Weekly Close Below Resistance

From Rekt Capital’s analytic chart, Dogecoin (DOGE) has had a tricky week. It recorded notable upswings but closed below a significant resistance level at the price channel top. The analyst marked the meme coin’s closing price with a circle, as seen on the chart below. 

Related Reading: Galaxy Digital and Invesco Bitcoin Spot ETF Join BlackRock On The DTCC

This setup suggests that DOGE’s anticipated big upswing might encounter delays, the analyst said in the Twitter post. He added that, in the past, when this has happened, DogeCoin’s price declined significantly.

This means that the DOGE breakout is postponed. Previous weekly closes like this -> downside, Rekt Capital remarked.

However, despite the high likelihood of a decline, the analyst believes there’s hope for DOGE. Rekt said, “If DOGE can hold the highs and reclaim the channel top as support – there may still be a chance.”

Based on Rekt’s chart, to confirm a bullish trend, the DOGE $0.07 resistance needs to change to a support level on the weekly timeframe.

Rekt's chart
Rekt Capital’s Dogecoin Analysis. | Source: Twitter

Ali Martinez’s Bullish Analysis: Dogecoin’s Promising Breakout

Recently, another crypto expert, Ali Martinez, made an optimistic prediction about Dogecoin. The analyst shared a chart on the X platform showing that the meme coin has broken out of a long-term pattern. According to Martinez, this happened when the overall cryptocurrency market trend shifted upwards.

@ali_charts
Ali Martinez’s Bullish Dogecoin Analysis. | Source: Twitter

Also, Martinez highlighted that a special TD Sequential indicator gives a BUY signal on DOGE. According to the analyst, this signal strengthens the positive outlook for the cryptocurrency. In context, this indicator helps traders figure out if an asset’s price might change direction.

Meanwhile, Dogecoin has formed two consecutive bullish higher-high candles on the weekly chart. The setup confirms that DOGE indeed broke free from the previous pattern. 

Related Reading: XRP Whale Transactions Spike To 3-Month High As Smart Money Buys

In line with Rekt’s analysis, if the market keeps up this pace, the price could increase significantly. As of the time of writing, DOGE is trading at $0.0665; the coin is down by almost 4% in the past 24 hours. However, over the last seven days, Dogecoin has gained more than 1%, with a 12% 14-day increase.

Featured image from Shutterstock and chart from TradingView.com
Tags: DOGE price analysisDogecoin predictiondogeusdRekt Capital
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Kent Tenix

Kent Tenix

Kent is a talented freelance writer and journalist who creates insightful and thought-provoking content. With over 5 years of experience, she has honed her skills and established herself as an expert in her field. Kent is especially passionate about in-depth reporting and investigative journalism. She thoroughly researches every topic and story she covers to provide readers with comprehensive information and perceptive analysis. Whether she's reporting on crypto, business, technology, or finance, Kent prioritizes accuracy, nuance, and integrity. Her goal with every piece is to inform readers and inspire meaningful conversations and positive change. Kent enjoys traveling, photography, and spending time with her family when she's not tirelessly conducting interviews or poring over data. She hopes to continue using her writing to enlighten and engage audiences on issues that matter.

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