The possibility of a Dogecoin market reversal has garnered attention among crypto enthusiasts. Despite recent short-term gains, CoinCodex projects a 13% decline, predicting DOGE may reach $0.088742 by October 10, 2024.
Analyst Master Kenobi notes that the duration of DOGE's downtrend cycles is decreasing. The first cycle lasted 540 days, the second 364 days, and the current cycle roughly 182 days. This compression could signal a momentum shift and a potential recovery.
Currently trading at $0.1003, DOGE has seen a 6% increase in the past seven days, bouncing off a support line of $0.089. The daily chart shows a bullish falling wedge pattern, suggesting the price could rise to $0.15 if it stays above $0.10.
Despite price gains, market sentiment remains fearful, with the Fear & Greed Index at 33. DOGE shows 15 green days in the past 30 days but remains highly volatile with a positivity rate of 50%. This low volatility implies potential stability but lacks momentum for a major breakout.
Investors are wary due to mixed signals between short-term optimism and long-term risks. CoinCodex forecasts a 13.78% decline, putting DOGE at $0.088742 by October 2024, which conflicts with the current bullish trends. Investing caution is advised as short-term price action and broader market developments are monitored.
