Dogecoin Closes the Daily Candle with a Doji, What Does This Mean?

Dogecoin is gaining attention, closing the daily candlestick with a Doji. Cryptocurrency analyst Trader Tardigrade commented on this development and revealed its significance for the leading meme coin. What Will Happen to Dogecoin After the Daily Doji Closes In a post on X, Trader Tardigrade highlighted the fact that the daily candlestick for Dogecoin closed as a Doji. He noted that a new breakout signal has emerged after a Doji at the end of a downtrend. The analyst pointed out that this indicates a high likelihood of a trend reversal from bearish to bullish. The price of Dogecoin has experienced a sharp decline over the past month, dropping more than 27% during this period, according to data from CoinMarketCap. DOGE has fallen below the psychological price level of $0.2, creating a bearish outlook for this meme coin. However, analysis from Trader Tardigrade suggests that this meme coin could soon see another strong rally in an upward direction.

The accompanying chart from the analyst shows that the price of Dogecoin could reclaim the $0.2 level as this anticipated reversal trend increases. Fundamental factors also support the DOGE rally, as tensions in the Middle East have eased, with Israel and Iran agreeing to a ceasefire. Meanwhile, the price of Bitcoin has risen again, reclaiming the $106,000 level. This is an optimistic signal for this meme coin due to its correlation with the leading cryptocurrency. In another post on X, Trader Tardigrade presented a bullish outlook for the price of Dogecoin, claiming that the DOGE season may be approaching. He revealed that the DOGE/BTC pair has gone through its final shakeout, signaling the start of the meme coin season. His accompanying chart shows that Dogecoin could rise above $2 as this DOGE season begins. Key Levels to Note for DOGE In a YouTube video, cryptocurrency analyst Kevin Capital emphasized that the range from 0.12 to 0.142 dollars is an important level to watch for the price of Dogecoin. The analyst also referred to the weekly Relative Strength Index (RSI) of DOGE, stating that the meme coin cannot drop below 38. He claimed that a decline could cause the meme coin to fall into a bearish market structure. Kevin Capital later emphasized the DOGE/BTC pair, noting that the meme coin is at a crucial level that it needs to hold above if it wants to outperform Bitcoin by the end of the year. The analyst expected the meme coin to have a significant price increase and outperform the leading cryptocurrency when the Fed begins to loosen monetary policy. The analyst commented that a positive point for DOGE is that there are flashing bullish indicators for the meme coin on the daily candlestick timeframe.