Dogecoin’s Future Uncertain as Key Resistance Spurs Speculation Amidst Bullish Signals
Dogecoin (DOGE) enthusiasts and traders are at a crossroads. The popular meme-inspired cryptocurrency exhibits mixed signals, leaving its future uncertain.
After printing a notable bullish candlestick last month, DOGE kicked off April on a subdued note, prompting speculation among investors. In a tweet on Wednesday, renowned crypto analyst “YG Crypto” shared insights with his 25,000 followers, highlighting a potentially bullish pattern emerging after encountering resistance.
The pundit pointed out that while DOGE faced resistance at the channel top and experienced a dip, a small bullish harmonic pattern is known, and a “Gartely” is forming. A short, bullish move is expected to commence around $0.17.
“Price hit resistance at the channel top and corrected. A potential bullish Gartley pattern emerged, hinting at a bounce. Target for the pattern sits around $0.22400 – a potential 12% climb. But hold your horses, moonbois! This is a SMALL pattern, not a guaranteed signal,” he wrote.
According to the pundit’s analysis, if the Gartely pattern fails, price could slide further to the channel’s lower support trendline.
Elsewhere, another analyst, who used the pseudonym “5.0 INVERTED,” expressed strong confidence in DOGE’s upward trajectory. She noted a retest of previous resistance now acting as support at around $0.18, signalling a bullish trend.
“All I see on Doge is a retest of previous resistance now acting as support (bullish). DogeArmy I’ve opened my 4th long today, no weak hand or fearful trader here. Fade Dogecoin as much of you want, it’s going to 32cts and it will bring memecoins up with it.” She asserted, dismissing any fear or hesitation among traders.
That said, despite the conflicting signals, DOGE has demonstrated robust fundamental performance, as highlighted by crypto analyst Ali Martinez. In a recent tweet, Martinez underscored DOGE’s significance in the altcoin sector and compared its technical patterns to those observed between 2018 and 2021, suggesting the possibility of a massive bull run on the horizon.
Notably, last Friday, the pundit also highlighted how large DOGE transactions by whales worth around $280 million had been conducted in the last two weeks of March.
That said, the current subdued price action of DOGE and other cryptocurrencies could be linked to the anticipation surrounding Bitcoin’s halving, which is around 14 days away. In a tweet, analyst Rekt Capital shed light on the event, suggesting that Bitcoin may retrace by approximately 38% from its recent peak of around $73,400, mirroring a move observed in 2016 before the halving event.
The expert, however, emphasized that this retracement serves as “one final bargain-buying opportunity in the Pre-Halving period,” implying that Bitcoin’s price fluctuations could have a ripple effect on DOGE and other alternative coins.
At press time, DOGE exchanged hands at $0.19, reflecting a slight decrease of 2.95% in the past 24 hours. Over the past week, the asset has increased by approximately 9%, positioning it as the top loser among the top ten coins by market capitalization.
