Trader Memprediksi Lonjakan Harga DOGE, Apa Penyebabnya?
Release: 2024/06/22 13:24 Reading: 762
Dogecoin Poised for a Breakout, Technical Indicator Suggests
Dogecoin (DOGE) has the potential to surge significantly, according to technical indicators hinting at a breakout for the memecoin.
The potential upside in DOGE's price caught the attention of popular crypto analyst from X, known as Trader Tardigrade.
As reported by Crypto Globe, Trader Tardigrade pointed out that the Gaussian Channel (GS) indicator has turned green on Dogecoin's weekly chart. This signal has historically suggested that DOGE may be poised for a significant upward move.
Tardigrade supported his argument by referring to two previous instances where similar chart patterns emerged for Dogecoin, in 2016-2018 and 2021-2022. In both cases, DOGE went on to reach new highs, as seen in historical charts.
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Whale Investor Activity
In addition to the technical analysis, on-chain data has revealed significant activity among large Dogecoin investors, often referred to as whales.
Over the past year, these whales have reduced their holdings, with their portion of DOGE dropping from 45.3 percent to 31.3 percent.
This data, shared by IntoTheBlock, indicates a shift in the distribution of DOGE ownership. While whales have been selling, retail and medium-sized investors have been accumulating the memecoin.
The reduction in whale holdings has coincided with a period of declining public sentiment towards DOGE and other major memecoins such as Shiba Inu and XRP. According to on-chain analytics firm Santiment, this sentiment has become negative, which could present opportunities for patient traders.
The firm noted that traders who wait for the crowd to lose interest in these large-cap altcoins may eventually have the chance to buy at lower prices, with FOMO at its lowest in 2024.
DOGE Price Analysis
Currently, Dogecoin is trading at $0.124 per token. Despite nearly doubling in value over the past year, DOGE has suffered a significant decline of almost 27 percent over the past 30 days, in line with the broader crypto market downturn.
Technical analysis of Dogecoin's yearly price chart suggests a bearish short-term sentiment but with the potential for a longer-term bullish trend. DOGE's price is currently below the 50-day Simple Moving Average (SMA) at $0.146 but above the 200-day SMA at $0.114, indicating potential support.
The Relative Strength Index (RSI) for DOGE is around 32.5, which is considered to be in oversold territory. This suggests that the crypto may be undervalued. However, ongoing bearish momentum has pushed the RSI lower, although a short-term bounce could reverse this trend.
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Moreover, DOGE's MACD line has crossed below its signal line, indicating a bearish signal. The price chart shows immediate resistance around the 50-SMA level at $0.146, with support at recent lows near the 200-SMA at $0.114.
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