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Dogecoin

Crypto Analyst Calls Dogecoin Chart ‘Beautiful’, Here’s why

Best Owie
by Best Owie
1 year ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Despite a hard week of muted performance and an eventual crash, the bullishness around Dogecoin has not waned, especially among crypto analysts. Expectations for the crypto’s price are still high with crypto analyst JD referring to the Dogecoin price chart as beautiful.

Dogecoin Getting Ready To Breakout

In a recent analysis that was posted on X (formerly Twitter), crypto analyst JD has revealed why he finds the Dogecoin chart to be beautiful. The chart that was shared showed JD’s analysis and the expected price movement of DOGE over the year 2024.

Related Reading: Dogecoin Payments: Elon Musk Builds Dedicated DOGE-Only Payment System For Tesla

The chart shows that the DOGE price has seen a bullish cross on the Moving Average Convergence Divergence (MACD). This development, the analyst shows, is bullish because of the coin’s historical performance after the MACD bullish cross was confirmed.

Going back on the chart, it shows a bullish cross back in 2017, and in response to this, the DOGE price would end up rising more than 62x in less than a year. Then again in 2021, the same bullish cross on the MACD is confirmed, and this time around, DOGE would go on to mount an impressive 370x breakout in six months.

Dogecoin price chart from Tradingview.com (Crypto analyst)

Source: Tradingview.com

In addition to the bullish cross on the MACD, JD identifies another bullish indicator which is the “Price breakout out of multi-year trendline.” This means that two of the three indicators which often signal a Dogecoin breakout are confirmed.

If this historical performance holds this time around, then the resulting breakout could see the Dogecoin price rise an average of 100x over the next year. However, there is one indicator that is yet to be confirmed that could hinder this rally.

Dogecoin price chart from Tradingview.com (Crypto analyst)

DOGE price trending at $0.082 | Source: DOGEUSD on Tradingview.com

DOGE ASO Cross Not Confirmed

The only indicator that is yet to be confirmed in JD’s analysis is the ASO Cross, which he identifies as the “Momentum of avg bull/bear percentage. I like using it on a higher timeframe, such as the monthly.” The two lines in this indicator are yet to cross, but over the last two years, have been inching closer.

Related Reading: Machine Learning Algorithm Predicts Dogecoin Price For January 2024

Once this is confirmed, then JD’s analysis is complete and the forecast could play out as expected. In such a case, the DOGE price rising an average of 100x would actually put the Dogecoin price as high as $9, ultimately sending it to new all-time highs.

The crypto analyst also warns investors of focusing too much on the hourly and daily timeframes which could cause them to make emotional decisions. Rather, JD advises that investors “Take a step back to the weekly/monthly timeframe and see why I’m so bullish now. Stop looking at the short-term dips/rise. Short term is irrelevant for the move that is coming!”

Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet… Featured image from Coinpedia, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Best Owie

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Best Owie is a Managing Editor at Bitcoinist with extensive experience and a proficient expert known for crafting captivating and insightful content. Best boasts over six years in the crypto sector, and has supervised the conception and publication of thousands of articles. Best is also a content and marketing strategist with the ability to make sure your content reaches the right audience and beyond. In every aspect, Best stands out as a consummate professional, always striving for unparalleled excellence both within and outside the workplace.

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