Dogecoin Price Forecast: Analyst Says Downside Is Minimized As 1M, 3M, And 6M Candles Turn Bullish

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As the crypto market rides the bullish wave spurred on by Donald Trump’s winin the United States Presidential elections, the Dogecoin price has emerged as a top performer, gaining over 25% earlier this week. With momentum building toward a potential all-time high, a crypto analyst highlights that Dogecoin’s downside riskhas significantly decreased. This positive shift is attributed to the recent bullish trend across the 1-month, 2-month, 3-month, and 6-month candles, which are now turning bullish.  Dogecoin Price Outlook Brightens With Long-Term Candles 

In a recent technical analysis, a crypto analyst on X (formerly Twitter) identified as ‘The Coach’ declaredthat the Dogecoin long-term candles, specifically the 1M, 2M, 3M, and 6M indicators, are all turning bullish. These monthly candles reflect a cryptocurrency’s price performanceover an extended period and are often used to gauge larger market trends.  Related Reading This Crypto Analyst Correctly Predicted The Bitcoin Price Rise To $75,000, Here’s The Full Prediction 1 day ago Source: X

In the case of Dogecoin, these long-term candles highlight that the meme coin has recorded consistent price increases, experiencing strong monthly, quarterly, and biannual market performance. Based on the long-term bull candles, The Coach surmised that the downside potential for Dogecoin has grossly reduced. This means that the likelihood of the Dogecoin price experiencing substantial declines is now much lower, suggesting a more stable and possibly bullish outlook in the near term. 

So far, analysts have suggested that if Dogecoin can bounce from its current price level of around $0.19, it could easily break the $0.22 thresholdand prepare for its next bullish price target. While The Coach is confident of Dogecoin’s bullish outlook, he acknowledged that a few obstacles could hinder this projected price increase. 

Factors like market volatilitycould create sudden short-term fluctuations, making sustained price growth challenging for Dogecoin. Additionally, profit-takingfrom short-term holders could also stall Dogecoin’s momentum.  DOGE Unlikely To Hit $1 This Month

In another more recent X post, The Coach expressed optimism about Dogecoin’s price movement, highlighting the overall positive market trend for DOGE. However, he disclosed that it was uncertain if the meme coin could reach $1 this month.  Related Reading Analyst Predicts ‘The Final Ascent’ For Bitcoin Price, Why A Rise To $300,000 Is Possible From Here 1 day ago Source: X

While a $1 price target may seem overly ambitious, The Coach has emphasized that Dogecoin will inevitably reach higher highs. He also notedthat if Dogecoin were to hit the $1 mark, it would happen rapidly and without warning, leaving many struggling to comprehend how it occurred. 

Moreover, the analyst has revealedthat with the support of SpaceX and Tesla Chief Executive Officer (CEO), Elon Muskand the newly elected US President, Donald Trump, Dogecoin could see even more bullish price increases, possibly reaching the new price highs around the $0.3 level. As of writing, the price of the meme coin is trading at $0.197, reflecting a 3.66% rise in the last 24 hours and a 24.15% increase over the past week, according to CoinMarketCap.   DOGE bulls still in control of price | Source: DOGEUSDT on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com