Crypto analyst Kriss Pax has expressed his bullish predictions for Dogecoin’s price, drawing his insights from blockchain transaction data and crypto market indicators in general. Pax noted that current market factors suggest that DOGE’s price is likely to experience an imminent bull run, most notably the increasing dominance of altcoins, indicating that interest in cryptocurrencies extends beyond Bitcoin (BTC). On the other hand, the analyst cited the relative strength index (RSI) reading of Dogecoin’s price movements as an indication of its increasing momentum, in addition to the wave of optimism surrounding the prospects of cryptocurrencies in general after the launch of Ethereum Spot ETFs on the exchange, which may contribute to boosting investor confidence in altcoins, including Dogecoin.
Dogecoin’s success in attracting large trading volumes during downturns also reflects the strong investor interest in it, which could give its anticipated launch additional momentum. Despite analysts’ concerns about the effects of external factors, they believe that its recent price performance could pave the way for a strong launch.
Also, the formation of a doji candle below the $0.3930 resistance level indicates that the current uptrend lacks momentum, so traders should watch it carefully; if the price fails to break it, it may go through a stabilization phase below it or another correction wave, but the long-term momentum of its movements bodes well for the possibility of continuing the uptrend.
Key points:
Resistance Levels: The nearest resistance barrier stands at 0.3930 as it coincides with the extended downtrend line, followed by $0.4157 and $0.4402 respectively.
Support areas: The closest ones, which can mitigate the impact of potential correction waves, are located at $0.3676, $0.3428, and $0.3081, respectively.
Momentum Indicators: The RSI reading is currently at 65, indicating that the currency is undergoing a slight overbought wave, while the price stability above the EMA-50 line indicates the possibility of continuing the rise in the foreseeable future.