Market expert sets DOGE price to ‘$0.49 and beyond’ soon
Release: 2024/05/17 21:57 Reading: 513
Despite many assets in the cryptocurrency industry starting to move in a more positive direction, Dogecoin (DOGE) seems to still be waiting for an upwards trigger. However, one crypto expert believes that traders of the popular doge meme token might not wait for much longer.
As it happens, popular pseudonymous crypto market analyst CoinsKid has shared his view that Dogecoin could “run to $0.49 and beyond” in the near future, as “invalidation is losing the bottom of the potential C wave in May at $0.11929,” as he explained in an X post on May 17.
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DOGE price action analysis. Source: CoinsKid
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DOGE price prediction
Indeed, the current DOGE chart pattern emerged just a couple of days after the crypto trading expert observed the “textbook inverse head & shoulders on the daily for DOGE,” the structure also known as a reverse head and shoulders, which hints at an upward price trend, or a bearish-to-bullish trend reversal.
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DOGE inverse head and shoulders pattern. Source: CoinsKid
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Meanwhile, another pseudonymous crypto analyst, World Of Charts, is less bullish, albeit nonetheless predicting that Dogecoin could increase its price very soon, setting the target to between $0.27 and $0.30, days after expert known as Behdark suggested a “long-term bullish rally.”
DOGE price action analysis and prediction. Source: World Of Charts
DOGE price analysis
For now, Dogecoin is changing hands at $0.15266, suggesting a decline of 0.58% in the last 24 hours, an advance of 2.37% across the previous seven days, and an accumulated gain of 0.27% on the monthly chart, according to the most recent price data retrieved on May 17.
DOGE price 7-day chart. Source: Finbold
All things considered, the beloved doge meme token, favored by Tesla (NASDAQ: TSLA) CEO Elon Musk, could, indeed, surge toward the highly optimistic price target at $0.49, especially after recently considering the fact that it has recently broken out from a resistance trend line.
However, things in the crypto market can sometimes change rapidly, so doing one’s own research and carefully weighing all the risks instead of blindly relying on other people’s recommendations and opinions is essential when investing in any of its assets.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Source: https://thebittimes.com/market-expert-sets-doge-price-to-0-49-and-beyond-soon-tbt88646.html
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