This is why a crypto analyst thinks the Dogecoin chart is “beautiful.”

Despite a hard week of muted performance and an eventual crash, the bullishness around Dogecoin has not waned, especially among crypto analysts. Expectations for the crypto’s price are still high with crypto analyst JD referring to the Dogecoin price chart as beautiful.

 

  1. Ongoing Bullish Sentiment: Despite recent market fluctuations, crypto analysts, particularly JD, remain optimistic about Dogecoin’s future performance.
  2. “Beautiful” Chart Analysis: JD describes Dogecoin’s price chart as beautiful, pointing to a recent analysis posted on social media. The analysis focuses on the expected price movement throughout 2024.
  3. Bullish Cross on MACD: The chart reveals a bullish cross on the Moving Average Convergence Divergence (MACD), a historically positive signal for Dogecoin. Similar crosses in 2017 and 2021 preceded significant price surges, with gains of 62x and 370x, respectively.
  4. Multi-Year Trendline Breakout: Another bullish indicator is the price breaking out of a multi-year trendline, confirming two out of three indicators typically signaling a Dogecoin breakout.
  5. Potential for 100x Rise: Based on historical performance, JD suggests that if the bullish indicators hold, Dogecoin’s price could potentially rise an average of 100x over the next year.
  6. Unconfirmed ASO Cross: The only unconfirmed indicator in JD’s analysis is the ASO Cross, related to the momentum of average bull/bear percentages. Once confirmed, it could further support the forecast.
  7. Caution against Short-Term Focus: JD advises investors to avoid getting swayed by short-term market fluctuations and emotional decision-making. Instead, he encourages a focus on weekly/monthly timeframes for a clearer understanding of the overall bullish trend.
  8. Price Outlook: In the event of all indicators aligning, JD envisions Dogecoin potentially reaching as high as $9, setting new all-time highs.

Source: Earn Bitcoin Help

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