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Following
DOGE Dogecoin's technical aspects showed a breakthrough signal. Analyst Ali pointed out that the target price is looking at US$0.12.
The well-known meme coin Dogecoin (DOGE) inspired by the "Shiba Inu" network meme has recently shown renewed momentum. Technical indicators indicate that it may usher in a breakthrough. Ali, a cryptocurrency analyst named @ali_charts on the X platform, said that if the current pattern continues, Dogecoin is expected to move towards the target price of US$0.12.
Technical Signals and Chart Pattern Analysis
Ali pointed out that a "Bull Flag" pattern appears in the lower time period chart of Dogecoin. The bullish flag is usually seen as a continuous pattern, often forming after a significant rise and followed by a period of consolidation. If prices can successfully break through this consolidation range, it usually indicates further increase.
Ali believes that Dogecoin's recent bullish flag breakout is consistent with bullish indicators in higher time periods, which may lay the foundation for further upward movement of the token. In addition, the analyst also mentioned the Tom DeMark Sequential, a widely used technical analysis indicator. This indicator sends a buy signal on the dog coin daily chart. This indicator is often used to identify trend failures and potential reversal points, suggesting that the recent correction in Dogecoin may be near the bottom.
In addition, Dogecoin seems to have formed the form of a "Morning Doji Star" on the daily level. This is a classic candlestick reversal pattern that usually occurs at the end of a downtrend, indicating increased buyer engagement and weakening seller pressure.
Noun explanation:
Tom DeMark Sequential: A technical analysis indicator used to identify potential trend reversals and exhaustion points in price charts by allocating numbers to price columns based on specific conditions.
Market Reaction and Chip Accumulation
In the past 24 hours, the price of Dogecoin has increased by 5.3% to US$0.087. The rise came amid a rebound in the broader cryptocurrency market, in part due to easing expectations of tightening monetary policy. Bitcoin broke through the $81,000 mark, and risky assets have generally regained their favor.
On-chain activities also show significant accumulation behavior by large households (Whales). According to Ali, more than 400 million DOGE units have been purchased in the past five days, indicating that important investors still maintain confidence in the project. This buying pressure consolidates a key chain support area for Dogecoin, around US$0.0813. About 35 billion DOGE units have changed hands at this level in history, highlighting its importance as a multi-head defensive front.
$0.0813 The integrity of the support area is crucial. As long as this level is maintained, the overall pattern is conducive to continuing to maintain bullish momentum; while US$0.12, US$0.1552 and US$0.1774 will become the next resistance targets for Dogecoin. Market observers will pay close attention to the price trend of Dogecoin, especially its performance near key support areas, to assess the sustainability of its latest rebound.
