Mags Charts A Worrying Course
For crypto analyst Mags has become the gloom messenger. Mags notes several phases in the past price swings of Dogecoin using a self-developed graphing technique. Phase 3, according to Mags, presents a particularly dismal picture and suggests a possible zero plunge.
is bearish and is going to zero. don’t belive me? see for yourself 👇 — Mags (@thescalpingpro)
This forecast depends on DOGE’s cyclical character, whereby short price swings are followed by longer periods of declining trend. Although Phase 3 could see a brief surge above $1.70, Mags advises readers to remain cautious of such ephemeral hope.
Technical Indicators Flash Red
Technical indications show alarming picture even with a recent 4% price boost. Reflecting investor uncertainty, the Relative Strength Index (RSI) lays exactly in neutral territory, neither overbought nor oversold. More significantly, DOGE is now trading below its main moving averages; the last line of protection around $0.123 comes from the 200-day EMA. A violation of this support level can set off a chain reaction that sends DOGE plummeting even more towards the $0.07 mark.
Can Dogecoin Defy The Odds?
Mags’s study and technical signals throw a lengthy shadow, yet the meme coin has some potential. The current increase in trade volume points to more activity, maybe signalling a buying frenzy among devoted DOGE owners. Furthermore passing the initial resistance level of $0.14 could indicate a possible turnabout. But this hopeful picture depends on breaking historical patterns and calls for a major change in market attitude.
The course of Dogecoin is yet unknown. Relatively silent recently is Elon Musk, the self-described “Dogefather” and big impact on the price of the meme coin. DOGE lacks a significant driver for a continuous climb upwards without his typically optimistic tweets.
Dogecoin Price Forecast
Concurrent with this, technical analysis by CoinCodex suggests that Dogecoin’s 13%, to $0.12 by July 13, 2024. The present attitude is bearish, implying general expectation of declining price movement. Still, the Fear & Greed Index comes at 70, suggesting a strong degree of Greed among investors.
With 14 out of 30 green days over the last 30 days, Dogecoin boasts a 47% success record in favourable price moves. With a 5.10% observed price volatility during this period, its market price clearly varies significantly.
Featured image from CSF Hungary, chart from TradingView
