Dogecoin Price Forecast: Analyst Says Downside Is Minimized As 1M, 3M, And 6M Candles Turn Bullish
2024-11-09

As the crypto market rides the bullish wave spurred on by Donald Trump’s win in the United States Presidential elections, the Dogecoin price has emerged as a top performer, gaining over 25% earlier this week. With momentum building toward a potential all-time high, a crypto analyst highlights that Dogecoin’s downside risk has significantly decreased. This positive shift is attributed to the recent bullish trend across the 1-month, 2-month, 3-month, and 6-month candles, which are now turning bullish. 
Dogecoin Price Outlook Brightens With Long-Term Candles 
In a recent technical analysis, a crypto analyst on X (formerly Twitter) identified as ‘The Coach’ declared that the Dogecoin long-term candles, specifically the 1M, 2M, 3M, and 6M indicators, are all turning bullish. These monthly candles reflect a cryptocurrency’s price performance over an extended period and are often used to gauge larger market trends. 
In the case of Dogecoin, these long-term candles highlight that the meme coin has recorded consistent price increases, experiencing strong monthly, quarterly, and biannual market performance. Based on the long-term bull candles, The Coach surmised that the downside potential for Dogecoin has grossly reduced. This means that the likelihood of the Dogecoin price experiencing substantial declines is now much lower, suggesting a more stable and possibly bullish outlook in the near term. 
So far, analysts have suggested that if Dogecoin can bounce from its current price level of around $0.19, it could easily break the $0.22 threshold and prepare for its next bullish price target. While The Coach is confident of Dogecoin’s bullish outlook, he acknowledged that a few obstacles could hinder this projected price increase. 
Factors like market volatility could create sudden short-term fluctuations, making sustained price growth challenging for Dogecoin. Additionally, profit-taking from short-term holders could also stall Dogecoin’s momentum. 
DOGE Unlikely To Hit $1 This Month
In another more recent X post, The Coach expressed optimism about Dogecoin’s price movement, highlighting the overall positive market trend for DOGE. However, he disclosed that it was uncertain if the meme coin could reach $1 this month. 
While a $1 price target may seem overly ambitious, The Coach has emphasized that Dogecoin will inevitably reach higher highs. He also noted that if Dogecoin were to hit the $1 mark, it would happen rapidly and without warning, leaving many struggling to comprehend how it occurred. 
Moreover, the analyst has revealed that with the support of SpaceX and Tesla Chief Executive Officer (CEO), Elon Musk and the newly elected US President, Donald Trump, Dogecoin could see even more bullish price increases, possibly reaching the new price highs around the $0.3 level. As of writing, the price of the meme coin is trading at $0.197, reflecting a 3.66% rise in the last 24 hours and a 24.15% increase over the past week, according to CoinMarketCap. 