Crypto analyst Kevin Capital has warned about bearish indicators for the Dogecoin price. The analyst stated that Dogecoin has flashed its first sell signal since its bull run began and revealed what to watch out for following this development.
Dogecoin Price Flashes Sell Signal
In an X post, Kevin Capital said that something to acknowledge and not ignore is that the Dogecoin price is now printing a sell signal on the weekly time frame. He added that this development is not set in stone yet, as Dogecoin needs to print this sell signal on this coming weekly chart to confirm this bearish outlook.
Kevin Capital further highlighted other bearish indicators for the Dogecoin price. He stated that the Moving Average Convergence/Divergence (MACD) shows that momentum to the upside is decreasing. Meanwhile, the Stochastic RSI is topped out, waiting for a bear cross. In line with this, the analyst stated that three strong indicators that currently have confluence show that a potential downside is imminent.
However, Kevin Capital stated that the Dogecoin price action still looks bullish, and the money flow indicator is also bullish. He remarked that he tends to favor these bullish indicators over those in any market. The crypto analyst believes it is still worth alluding to the bearish indicators, as they are something to keep at the back of one’s mind. He added that there is no reason to be a permanent bull or bear. Instead, it is important to stay clear-eyed.
The Dogecoin price is currently consolidating around the $0.4 range and just had its best monthly close this year in November, a month in which it enjoyed a gain of 161%. Thanks to that development, Dogecoin, which struggled in the middle of the year, is now up over 385% year-to-date (YTD).
A More Bullish Perspective For The Meme Coin
Crypto analysts like Trader Tardigrade have offered a more bullish perspective on the Dogecoin price. In an X post, the crypto analyst stated that Dogecoin’s daily candle has closed with a breakout candle out of the bullish pennant. He added that DOGE is finally pushed above the resistance to break the pattern and start the next surge to the $1.3 target.
Crypto analyst Rekt Capital highlighted an ascending triangle which the Dogecoin price confirmed a breakout from, having achieved a daily close above the pattern top at $0.43. His accompanying chart showed that Dogecoin could rally to $0.56 next after breaking out from this ascending triangle.
Crypto analyst The Cryptomist offered a more bullish prediction based on this bullish ascending triangle. She stated that the Dogecoin price is heading to $0.70 this upcoming week. This rally would put the foremost meme coin close to its current all-time high (ATH) of $0.73.
At the time of writing, the Dogecoin price is trading at around $0.43, up almost 2% in the last 24 hours, according to data from CoinMarketCap.
Related Posts
