KeyTakeaways:
- Dogecoin’s “W Pattern” signals potential bullish movement towards $5 by 2025.
- RSI and MACD show balanced momentum, indicating mild upward price movement.
- Dogecoin’s market cap at $48.7B suggests strong liquidity and ongoing investor interest.
Dogecoin (DOGE) continues to capture the attention of investors and traders alike. Recent analysis from crypto expert KrissPax has sparked renewed interest in its future trajectory.
According to his observations, if it maintains its four-year growth pattern, Dogecoin could reach $5 by 2025 and $60 by 2029.
Technical analysis of Dogecoin’s price chart reveals a notable “W Pattern” formation, a classic indicator of potential bullish movement.
The “W Pattern” is formed by two distinct troughs, signaling a recovery phase for the token after each dip. This pattern, combined with a steady upward trend marked by a yellow trendline, points to a positive price trajectory for Dogecoin.
Recent price action supports this technical structure. After each “W Pattern” formation in the past, Dogecoin experienced strong recoveries, with the most recent price surge being its most significant yet. If this pattern continues, there could be further bullish movement.
Dogecoin’s Current Market Performance
As of Dec. 24, Dogecoin was trading at $0.3306, reflecting a moderate 3.24% increase over the last 24 hours. This uptick indicates a positive short-term sentiment in the market, although its trading volume has decreased by 16.09% over the same period.
The market capitalization of DOGE stands at $48.7 billion, and its 24-hour trading volume is $3.47 billion. Despite fluctuations in price, Dogecoin remains a highly liquid asset with significant market participation.
Key Technical Indicators: RSI and MACD
Two critical technical indicators, the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), shed light on Dogecoin’s momentum on a shorter 4-hour timeframe.
The RSI currently sits at 51.93, just above the neutral 50 mark, indicating a balanced market with no signs of being overbought or oversold. This suggests that Dogecoin could experience mild upward momentum but without the risk of a significant price correction in the immediate term.
Another crucial indicator, the MACD, shows positive momentum but signs of slowing strength. The MACD line (blue) is slightly above the signal line (red), with a value of 0.0040 compared to the signal line’s negative -0.0063.
