Dogecoin Squeeze Could Signal Upcoming Bullish Movement
Crypto analyst Unichartz observed a potential Dogecoin squeeze that could trigger significant upward movement for the meme coin, despite a broader crypto market downturn.
Key Observations on Dogecoin
- Dogecoin is forming a rising wedge structure and is above a respected support line, indicating bullish sentiment.
- A possible rally to $0.3 could occur, marking the first time since a multi-year high of around $0.48 in 2024.
- Current high is approximately $0.28; DOGE has recently dropped from $0.24, down over 8% in the past week.
- A descending resistance line and horizontal supply zone at $0.28 pose barriers for further price increases.
Technical Indicators
- Analyst Kevin Capital noted the importance of Dogecoin’s Stochastic Relative Strength Index (Stoch RSI) crossing above 20 for momentum strength.
- Current Stoch RSI is at 13, and historical trends suggest that upward crosses lead to substantial rallies.
- The overall market condition and Bitcoin's performance are crucial for DOGE's potential upward movement.
As of now, Dogecoin trades at approximately $0.21, with a nearly 2% decline in the last 24 hours.
