Dogecoin Price Closes Daily Candle With A Doji, What This Means

The Dogecoin price is in focus, having closed the daily candle with a Doji. Crypto analyst Trader Tardigrade commented on this development and revealed what it could mean for the foremost meme coin. 

In an X post, Trader Tardigrade highlighted the fact that the Dogecoin price daily candle closed with a Doji. He remarked that a new sign of a breakout has emerged following a Doji at the end of a downtrend. The analyst noted that this indicates a high possibility of a trend reversal from downtrend to uptrend. 

The Dogecoin price has witnessed a massive decline over the last month, down over 27% during this period, according to CoinMarketCap data. DOGE has dropped way below the psychological $0.2 price level, providing a bearish outlook for the meme coin. However, Trader Tardigrade’s analysis suggested that the meme coin could soon record another massive rally to the upside. 

The analyst’s accompanying chart showed that the Dogecoin price could reclaim the $0.2 level on this projected trend reversal to the upside. Fundamentals also support a DOGE rally, seeing as tensions in the Middle East have cooled off, with Israel and Iran agreeing to a ceasefire. Meanwhile, the Bitcoin price has again rallied and reclaimed the $106,000 level. This is bullish for the meme coin given its correlation with the flagship crypto. 

In another X post, Trader Tardigrade provided a bullish outlook for the Dogecoin price, stating that DOGE season could be approaching soon. He revealed that the DOGE/BTC pair has experienced the last shakeout, signaling the start of the meme coin’s season. His accompanying chart showed that Dogecoin could rally above $2 once this DOGE season begins. 

In a YouTube video, crypto analyst Kevin Capital highlighted the range between $0.12 and $0.142 as the key level to watch for the Dogecoin price. The analyst also alluded to DOGE’s weekly Relative Strength Index (RSI), stating that the meme coin cannot afford to drop below 38. He claimed that a drop could lead to the meme coin falling into a bear market structure. 

Kevin Capital then highlighted the DOGE/BTC pair, noting that the meme coin is at a critical level that it needs to hold above if it is to outperform Bitcoin later in the year. The analyst expects the meme coin to make a significant run and outperform the flagship crypto when the Fed begins to ease monetary policies. The analyst remarked that a positive for DOGE is that there are bullish indicators flashing for the meme coin on the daily timeframe. 

At the time of writing, the Dogecoin price is trading at around $0.16, down in the last 24 hours, according to data from CoinMarketCap.