Dogecoin Price Gains 25% as Long-Term Candles Turn Bullish
Following Donald Trump’s victory in the U.S. Presidential elections, the crypto market has shown bullish trends, with Dogecoin's price increasing over 25% earlier this week. Analysts note that Dogecoin's downside risk has decreased significantly due to positive momentum across various time frames, including 1-month, 2-month, 3-month, and 6-month candles.
Dogecoin Price Outlook Brightens With Long-Term Candles
A technical analysis by a crypto analyst known as ‘The Coach’ indicates that Dogecoin’s long-term candles (1M, 2M, 3M, and 6M) are turning bullish. These indicators reflect the cryptocurrency's price performance over extended periods and are useful for assessing broader market trends.
The analysis shows that Dogecoin has recorded consistent price increases, demonstrating strong monthly and quarterly performance. The Coach suggests that reduced downside potential indicates a more stable and potentially bullish outlook for Dogecoin. If Dogecoin maintains its current price around $0.19, it could break the $0.22 threshold and aim for higher targets. However, obstacles like market volatility and profit-taking may hinder this growth.
DOGE Unlikely To Hit $1 This Month
In a recent update, The Coach expressed optimism about Dogecoin’s price movement but noted uncertainty regarding reaching $1 within the month. While this target may appear ambitious, he believes that higher highs are inevitable for Dogecoin. He also mentioned that if Dogecoin approaches $1, it could happen rapidly, catching many off guard.
The Coach highlighted support from notable figures like Elon Musk and newly elected President Trump, which could further drive Dogecoin’s price toward new highs, potentially around $0.3. Currently, Dogecoin is trading at $0.197, reflecting a 3.66% increase in the last 24 hours and a 24.15% rise over the past week, according to CoinMarketCap.
