DOGE, it skyrocketed more than twice last month and is now taking a breather, but it looks like it's about to make a move again.
From the low in November to the high in December, the price surged to $0.48. Although it recently dipped a bit, it has returned to $0.3244 today, and it feels like it's coming back to life.
There is an analyst named @TATrader_Alan who has been looking at charts for many years. He says that Dogecoin always has to 'retest' before a major surge, checking if the support below is stable. It was the same in 2017 and 2020; after retesting, the price soared. This time is no different, as Dogecoin has returned to the critical position of $0.32, similar to before.
If this 'retest' is like the previous ones, Dogecoin may start flying again, possibly reaching $4.5! That's what the analyst said.
Looking at the Dogecoin chart, it is currently in a descending wedge, which is a signal for a rise. The price dropped from $0.48 to $0.26, and now it has bounced back up from the bottom of the wedge, breaking through the resistance at $0.32; this is the rhythm of a potential move.
The MACD indicator also shows that the buying power is getting stronger, as the line has crossed the signal line, which is a good sign.
Next, if Dogecoin can maintain this momentum and break through the two levels of $0.41 and $0.48, it may be heading towards the psychological barrier of $0.5.
In summary, Dogecoin seems to be on the verge of another surge; the analyst mentioned that after this 'retest,' the next move could be a big jump. The technical indicators are also quite strong, and historical patterns support this. However, the market can change rapidly, so everyone should be cautious and do more research before investing. Whether Dogecoin can shine again, let's wait and see!
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