Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Crypto analyst Unichartz has highlighted a Dogecoin squeezethat could spark the next massive move to the upside for the meme coin. This comes amid a broader crypto market crash, which has also led to a decline for the foremost meme coin. Dogecoin Showing A Promising Structure
In a TradingView post, Unichartz declared that a Dogecoin squeeze is incoming. He noted that the meme coin is currently showing a promising structure as it trades within a rising wedge formation. The analyst added that the DOGE priceis holding above a rising support line, which it has respected multiple times, indicating a sign of bullish intent from buyers. Related Reading This Dogecoin Squeeze Could Kickstart The Next Bull Run 12 hours ago
His accompanying chart showed that this Dogecoin squeeze could lead to a rally to the psychological $0.3 level. If that happens, it will mark the first time DOGE reaches this level since a multi-year highof around $0.48 in 2024. It will also mark a 2025 high for the meme coin, with its current high at around $0.28. Source: Chart from Unichartz on Tradingview
Unichartz revealed that a descending resistance line and a key horizontal supply zoneat around $0.28 are acting as a strong barrier for the meme coin. He remarked that DOGE will need to flip this confluence zone cleanly for it to see a breakout and push higher. In the meantime, the meme coin continues to decline alongside the broader crypto market.
Dogecoin has dropped from a recent high of around $0.24 and is down over 8% in the last seven days. This has occurred thanks to the massive drop in the Bitcoin price, with the flagship crypto on a downtrend since it reached a new all-time high (ATH) of $124,000 two weeks ago. The Goal Is For DOGE’s Stoch RSI To Cross The 20 Level
In an X post, crypto analyst Kevin Capital said that the goal is for Dogecoin’s Stochastic Relative Strength Index(Stoch RSI) to cross the 20 level and show a follow-through. He explained that anything below that level is a sign of weak momentum. This technical indicator is currently crossing to the upside and is at the 13 level. Related Reading Alphractal Says Resilient Dogecoin Metrics Could Lead To Price Breakout 1 week ago
This is significant, as Kevin noted that monthly Stoch RSI crosses on Dogecoin, outside of the bear market, and, along with an uptrending monthly RSI, ultimately lead to massive rallies. He further remarked that DOGE’s biggest move of the cycle is likely if Bitcoin can move higher and Ethereum ultimately enters into price discovery with a dropping BTC dominance. The analyst added that DOGE just needs a little more time for BTC and the macro to support this move.
At the time of writing, the Dogecoin price is trading at around $0.21, down almost 2% in the last 24 hours, according to datafrom CoinMarketCap. DOGE trading at $0.21 on the 1D chart | Source: DOGEUSDT on Tradingview.com Featured image from Getty Images, chart from Tradingview.com