The post Dogecoin Flashes Sell Signal On Daily Charts, Is $1 Possible Or Is It A Pipe Dream? appeared on BitcoinEthereumNews.com.

The price of Dogecoin has failed to live up to expectations with the continuous sideways movement that has plagued the meme coin. This has led to mixed signals on the chart, making it hard to pinpoint where the altcoin’s price might be headed. So far, there have been multiple bull and bear formations on the chart, with sell signals being the most recent. This has made the $1 target look even harder to attain, given the failure to launch. Multiple Buy Signals On The Dogecoin Daily Chart Dogecoin analyst on X (formerly Twitter), @Kev_Capital_TA, shared an analysis with the community that shows some bearish developments for the DOGE price. According to the crypto analyst, the meme coin has two sell signals appearing on its daily chart. These sell signals appeared as a result of the DOGE price getting rejected at the falling wedge resistance, showing weakness in the price. Naturally, this suggests that the Dogecoin price may not be able to hold up from here, and a crash might be in the works. As such, the sell signals may be right, but only for the short term. Another development that the crypto analyst pointed out is the increasing momentum on the 3-Day LMACD. This contradicts the bearish pressure being presented by the sell signals on the daily chart. Therefore, it means that the selling pressure, if actualized may not be as brutal as expected. The analyst explains that this means that if the Dogecoin price decline were to play out, it would only short-lived. “The 3 day LMACD is still showing increasing momentum to the upside indicating that any pullback on the daily will be short lived and not as powerful and we should very soon still break this wedge to the upside,” he said. “Basically we are in a…

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Filed under: News - @ September 27, 2024 11:21 pm