Dogecoin remains to be yet to recoup its worth decline from final week, which noticed it breaking beneath $0.3. Nonetheless, a key technical sign has emerged on DOGE’s worth chart that would ship the meme coin on a bullish path for the remainder of the yr.
In response to crypto analyst KrissPax, who highlighted this key technical sign on social media platform X, the Dogecoin Value Momentum Oscillator (PMO) means that the meme coin may very well be on the verge of one other main worth surge.
Dogecoin Value Momentum Crossover
Technical analysis of the Dogecoin worth reveals that the Value Momentum Oscillator (PMO), a device used to measure development shifts and momentum power, has simply recorded a crossover on the 2-week candlestick timeframe. A PMO crossover happens when the PMO line crosses above or beneath its sign line, which is often a transferring 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 important, because it has occurred solely twice in Dogecoin’s historical past, in 2017 and 2021. Curiously, every crossover has led to an attention-grabbing worth motion.
previous situations, Dogecoin’s PMO crossovers have preceded a few of its most explosive rallies. The primary of such PMO crossovers was in 2017 when the market was about to enter its first important bull market. After the 2017 crossover, DOGE’s worth surged by over 6,000% until it reached a peak of $0.0175. Equally, the second crossover occurred simply earlier than Dogecoin’s historic rally within the 2021 bull market. Again then, the meme coin went on a 36,400% run to succeed in its present all-time excessive of $0.73 after the bullish crossover.
DOGE’s Subsequent Transfer: Analyst Targets $4 Value Stage
With history as a reference, KrissPax predicted that Dogecoin’s newest PMO crossover may result in one other important breakout. Curiously, the latest PMO crossover had already pushed Dogecoin to multi-year highs, however latest corrections have stalled the bullish momentum.
Nevertheless, 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 remains to be in play, and we may very well be taking a look at an enormous transfer up for DOGE. When it comes to a worth goal, the analyst has set a worth goal of $4.
Attaining the $4 worth goal would characterize a rise of about 4,110% from its 2024 low, which was recorded instantly earlier than the present market cycle started.
On the time of writing, Dogecoin is buying and selling at $0.2619, up 0.18% previously 24 hours. Reaching the $4 worth goal would additionally characterize a 1,427% enhance from the present worth level. Nevertheless, step one in reaching this $4 worth goal could be to interrupt and hold above the $0.3 price level once more. Successive short-term worth resistance ranges to notice are $0.4 and eventually $0.5.
Featured picture from Pexels, chart from Tradingview.com