Dogecoin continues to be yet to recoup its value decline from final week, which noticed it breaking under $0.3. Nonetheless, a key technical sign has emerged on DOGE’s value chart that might ship the meme coin on a bullish path for the remainder of the 12 months.
According to crypto analyst KrissPax, who highlighted this key technical sign on social media platform X, the Dogecoin Price Momentum Oscillator (PMO) means that the meme coin might be on the verge of one other main value surge.
Dogecoin Price Momentum Crossover
Technical analysis of the Dogecoin value reveals that the Price Momentum Oscillator (PMO), a instrument used to measure development shifts and momentum energy, has simply recorded a crossover on the 2-week candlestick timeframe. A PMO crossover happens when the PMO line crosses above or under its sign line, which is often a shifting common of the PMO.
When the PMO line crosses above the sign line, it means that momentum is shifting in favor of consumers. This phenomenon is especially vital, because it has occurred solely twice in Dogecoin’s historical past, in 2017 and 2021. Interestingly, every crossover has led to an fascinating value motion.
Looking at previous situations, Dogecoin’s PMO crossovers have preceded a few of its most explosive rallies. The first of such PMO crossovers was in 2017 when the market was about to enter its first vital bull market. After the 2017 crossover, DOGE’s value surged by over 6,000% until it reached a peak of $0.0175. Similarly, the second crossover occurred simply earlier than Dogecoin’s historic rally within the 2021 bull market. Back then, the meme coin went on a 36,400% run to achieve its present all-time excessive of $0.73 after the bullish crossover.
DOGE’s Next Move: Analyst Targets $4 Price Level
With history as a reference, KrissPax predicted that Dogecoin’s newest PMO crossover may result in one other vital breakout. Interestingly, the current PMO crossover had already pushed Dogecoin to multi-year highs, however current corrections have stalled the bullish momentum.
However, many crypto analysts agree that the Dogecoin rally is ready to renew anytime from now. As such, Krisspax predicted that the four-year cycle of bullish PMO crossovers continues to be in play, and we might be a giant transfer up for DOGE. In phrases of a value goal, the analyst has set a value goal of $4.
Achieving the $4 value goal would signify a rise of about 4,110% from its 2024 low, which was recorded instantly earlier than the present market cycle started.
At the time of writing, Dogecoin is buying and selling at $0.2619, up 0.18% up to now 24 hours. Reaching the $4 value goal would additionally signify a 1,427% improve from the present value level. However, step one in reaching this $4 value goal could be to interrupt and hold above the $0.3 price level once more. Successive short-term value resistance ranges to notice are $0.4 and at last $0.5.
Featured picture from Pexels, chart from Tradingview.com
