Cryptographic analyst Kevin Capital has warned of bearish indicators for the price of Dogecoin. The analyst stated that Dogecoin has shown its first selling signal since it began its bull run and revealed what to watch out for after this development.
Dogecoin price flashes sell signal
In an X post, Kevin Capital said that something to recognize and not ignore is that Dogecoin price is now printing a sale sign in the weekly time frame. He added that this development is not yet set in stone as Dogecoin needs to print this sell signal on the next weekly chart to confirm this bearish outlook.
Kevin Capital also highlighted other bearish indicators for the Dogecoin price. He stated that the moving average convergence/divergence (MACD) shows that bullish momentum is waning. Meanwhile, the Stochastic RSI It is finished, waiting for a bear cross. In line with this, the analyst stated that three strong indicators that currently converge show that a potential fall is imminent.
However, Kevin Capital stated that Dogecoin price action still appears bullish and that money flow indicator It is also bullish. He commented that he tends to favor these bullish indicators over those of any market. The cryptoanalyst believes that it is still worth referring to bearish indicators, as they are something that must be taken into account. He added that there is no reason to be permanently bullish or bearish. Instead, it is important to remain lucid.
Dogecoin price is currently consolidating around the $0.4 range and just had its best monthly close this year in November, a month in which it enjoyed a 161% gain. Thanks to that development, Dogecoin, which struggled mid-year, is now up more than 385% year-to-date (YTD).
A More Bullish Outlook for Meme Coin
Cryptanalysts like Tardigrade Trader have offered a more bullish outlook on the price of Dogecoin. in a x publicationThe crypto analyst stated that the Dogecoin daily candle closed with a bullish pennant breakout candle. He added that DOGE is finally pushed above the resistance to break the pattern and start the next rise towards the $1.3 target.
Cryptographic analyst Capital Law highlighted an ascending triangle from which Dogecoin price confirmed a breakout, having achieved a daily close above the pattern high at $0.43. The accompanying chart showed that Dogecoin could rise to $0.56 the next time it breaks this ascending triangle.
Crypto analyst The Cryptomist offered a more bullish prediction based on this bullish ascending triangle. She fixed that Dogecoin price is heading to $0.70 next week. This rally would bring the most important meme coin closer to its current level all-time high (ATH) of $0.73.
At the time of writing, Dogecoin price is trading at around $0.43, up almost 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
