What The 50-Day Moving Average At $0.22 Says About The Dogecoin Price

Scott Matherson

10 months ago

3 mins read

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.

The Dogecoin price has been gearing up for a major bull rally since it rose to the $0.4 threshold and began testing this resistance. Shedding light on Dogecoin’s future bullish trajectory, a crypto analyst has discussed the importance of the $0.22 50-day Moving Average (MA) in determining the Dogecoin price movements in this bull cycle.

How The 50-Day MA Impacts The Dogecoin Price Rally

The 50-day MA is a technical indicator that highlights a cryptocurrency’s average price over the last 50 trading days. It is primarily used to identify price trends, determine resistance and support levels, and generate buy and sell signals.

Kevin, a crypto analyst on X (formerly Twitter), has underscored the significance of this critical technical indicator in the recent Dogecoin price movements and its influence on the meme coin’s future bull rally. The analyst disclosed that historically, during Dogecoin’s previous bull markets, its price consistently stayed above the 50-day MA, never losing this crucial threshold despite testing it multiple times. Typically, staying above the 50-day MA is seen as a bullish indicator, while consistently dropping below this average suggests a downtrend.

Presenting a detailed chart of Dogecoin’s price action in the last bull cycle in late 2020 to date, Kevin disclosed that the current 50-day MA for the meme coin is at $0.22. However, this price threshold is rising quickly as Dogecoin closes each daily candle.

Additionally, the rapid increase suggests that if Dogecoin can remain steady around or above the 50-day MA, its price should see a significant bullish trend continuation, providing a strong foundation for even higher prices.

Dogecoin Enters Distribution Phase, $9.5 Target In Sight

In a different X post, Trader Tardigrade, a prominent crypto market expert, declared that Dogecoin has officially entered the Distribution phase in the classic Power of Three (PO3) market cycle. The PO3 cycle is a popular concept in technical analysis used to identify key market phases — Accumulation, Distribution, and Manipulation.

With Dogecoin now firmly in the Distribution phase, large holders may be offloading their assets, potentially locking in profits following DOGE’s recent price increase. While the distribution phase could be seen as the end of a bull rally characterized by sell-offs and slow momentum, Trader Tardigrade believes that this phase could be calm before a massive price surge.

The analyst shared two price charts comparing Dogecoin’s movements during the bull cycle between 2016 and 2017 and its future price action in 2024 and 2025. In the 2017 bull market, Dogecoin entered a distribution phase, which led to a significant bull rally to new levels above $0.00066.

If this trend holds true for Dogecoin’s current distribution phase, Trader Tardigrade has predicted that its price could surge as high as $9.5 from its current value of $0.4.

Dogecoin price chart from Tradingview.com — DOGE price drops to $0.38 | Source: DOGEUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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.

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.

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.