Dogecoin (DOGE) is back in the spotlight as the leading meme coin could be ready to take off. This follows Kevin’s crypto analyst (formerly Yomi OG) analysis of Dogecoin, in which he highlighted an important indicator that turned bullish for the cryptographic token.
Dogecoin indicator turns green for the first time since 2020
Kevin mentioned in a publish that the 12-day period in the Gaussian channel recently turned green Dogecoin Chart for the first time since December 2020. He stated that this indicates that a “potential strong uptrend” is predicted for the meme coin in the coming months.
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Kevin added that this indicator has never failed to indicate these trend changes, suggesting that Dogecoin has indeed undergone a bullish reversal.
In another X post, Kevin stated that Dogecoin looked much stronger than most altcoins throughout this period, during which the crypto market continued to bleed and trade sideways. He added that Dogecoin will likely move into the gold pocket in the Range $0.26 to $0.33 if it can stay above the Macro 0.382 FIB and the blue support zone on the weekly time frame.
Kevin also provided another bullish narrative for Dogecoin in another X post. Looking at the four-hour chart, it highlighted a deviation back to the larger time frame symmetric triangle, which he claimed was a “bullish signal.” He stated that Dogecoin’s return above key moving averages will be important. He also added that he expects the top meme coin to test the $0.175 price level at some point as there is a lot of liquidity in this price range.
The crypto analyst also hammered in liquidity in that price area. He stated that there is a “very large block of liquidity” at the $0.175 level looking at the 3-month period. Additionally, he said that most of the liquidity beyond this level is between the $0.20 to $0.23 range. This is bullish for Dogecoin, as Kevin noted that market makers like to move to where the liquidity is, and it is definitely higher for Dogecoin at the moment.
DOGE’s next step
CrediBULL Crypto Crypto Analyst recently mentioned that Dogecoin has reached a ‘make or break’ level. He, however, seemed confident that Dogecoin could experience an upward trend from its current price level, noting that the meme coin had reached this “make or break” level when Bitcoin reaches its minimum limit. As such, he expects Dogecoin to enjoy a price recovery if the leading crypto undergoes a bullish reversal.
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Meanwhile, crypto analyst Crypto Daily made a bullish short-term forecast for DOGE.. He foreseen that Dogecoin would rise to between $0.33 and $0.35 soon. The analyst added that a daily close above $0.18308 could lead to additional gains of up to $0.57 for Dogecoin.