While the Dogecoin price has seen positive headwinds over the last year, it has no doubt performed poorly compared to some altcoins in the market. This could mean that there is a delayed rally coming for the altcoin and this could suggest a massive pump when this does happen. Analysts have identified key trends in the price of the meme coin, as well as a possible ‘god candle’ that could quickly double the price.
Dogecoin Enters Key Supply Zone
Crypto analyst MonoCoinSignal has taken to TradingView to show that the Dogecoin price has entered an important zone. The key supply zone has been identified just above $0.084 and the price has seen a decline after reaching this level.
This comes after the DOGE price has remained in a long-term bullish trend followed by a steady upward climb over the last few weeks. “This bullish sentiment is underpinned by the cryptocurrency’s break above its persistent long-term and weekly descending trend lines, which has catalyzed its upward trajectory,” the analyst explains.
Additionally, MonoCoinSignal identifies that Dogecoin has “positioned near a robust long-term supply zone.” This, in addition to the formation of a demand zone that “has exerted upward pressure on its value.” Both of these suggest a significant bullish momentum for the price.
“The interaction with this zone warrants close observation for potential price retracements towards the established demand zone and the corresponding support level,” the analyst explains. “The credibility of these zones is significant, suggesting that post-validation of these key areas, strategic entry points for trading can be considered.”
DOGE God Candle Incoming?
Another crypto analyst also took to the TradingView platform to share their own equally bullish price outlook for the Dogecoin price. According to the analyst who goes by Jhonnybrah on the platform, the DOGE price may be heading toward an incredible ‘god candle’.
The analysis comes with two important price targets, putting the price at over a 100% rise each time. The first target for the candle is placed just below $0.14, while the second target puts the price right above the $0.22 mark.
The crypto analyst points to some bullish events such as the DOGE-1 mission and the delivery of a physical Dogecoin to the moon as events that could trigger this rise. “2-3x God candle loading,” the analyst said in closing.
With no timeline provided by the analysts, the timeframe for this bullish jump remains vague. However, the DOGE-1 mission is expected to happen sometime in 2024, with the moon mission getting ready to take off in December. This gives the timeline of a month to a few months.
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