{"id":558590,"date":"2023-11-01T16:00:26","date_gmt":"2023-11-01T16:00:26","guid":{"rendered":"https:\/\/wncen.com\/?p=558590"},"modified":"2024-10-26T05:47:45","modified_gmt":"2024-10-26T05:47:45","slug":"dogecoin-poised-for-a-deep-pullback-after-failing-to-hold-key-resistance-analyst","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/dogecoin\/dogecoin-poised-for-a-deep-pullback-after-failing-to-hold-key-resistance-analyst\/","title":{"rendered":"Dogecoin Poised For A Deep Pullback After Failing To Hold Key Resistance, Analyst"},"content":{"rendered":"

Following a futile fight to break the $0.07 resistance, Dogecoin (DOGE) appears poised for a big drop. This was a warning in an October 31 X <\/span>post<\/span><\/a> by prominent crypto analyst Rekt Capital to his nearly 400,000 followers.<\/span><\/p>\n

According to the analyst, despite its notable rally last week, DOGE failed to break its diagonal resistance, which resisted its ascent for several months. As a result of this failure, DogeCoin’s price might decline significantly soon.<\/span><\/p>\n

Rekt Capital Analysis: DogeCoin\u2019s Complex Weekly Close Below Resistance<\/h2>\n

From Rekt Capital\u2019s analytic chart, Dogecoin (DOGE) has had a tricky week. It recorded notable upswings but closed below a significant resistance level at the price channel top. The analyst marked the meme coin\u2019s closing price with a circle, as seen on the chart below.\u00a0<\/span><\/p>\n

Related Reading: Galaxy Digital and Invesco Bitcoin Spot ETF Join BlackRock On The DTCC<\/a><\/div>\n

This setup suggests that DOGE’s anticipated big upswing might encounter delays, the analyst said in the Twitter post. He added that, in the past, when this has happened, DogeCoin\u2019s price declined significantly.<\/span><\/p>\n

This means that the DOGE breakout is postponed. Previous weekly closes like this -> downside, Rekt Capital remarked.<\/p><\/blockquote>\n

However, despite the high likelihood of a decline, the analyst believes there’s hope for DOGE. Rekt said, “If DOGE can hold the highs and reclaim the channel top as support \u2013 there may still be a chance.\u201d<\/span><\/p>\n

Based on Rekt\u2019s chart, to confirm a bullish trend, the DOGE $0.07 resistance needs to change to a support level on the weekly timeframe.<\/span><\/p>\n

\"Rekt's
Rekt Capital’s Dogecoin Analysis. | Source: Twitter<\/a><\/figcaption><\/figure>\n

Ali Martinez’s Bullish Analysis: Dogecoin’s Promising Breakout<\/h2>\n

Recently, another crypto expert, Ali Martinez, made an optimistic prediction<\/a> about Dogecoin. The analyst shared a chart on the X platform showing that the meme coin has broken out of a long-term pattern. <\/span>According to Martinez, this happened when the overall cryptocurrency market trend shifted upwards.<\/span><\/p>\n

\"@ali_charts\"
Ali Martinez’s Bullish Dogecoin Analysis. | Source: Twitter<\/a><\/figcaption><\/figure>\n

Also, Martinez highlighted that a special TD Sequential indicator gives a BUY signal on DOGE. According to the analyst, this signal strengthens the positive outlook for the cryptocurrency. In context, this indicator helps traders figure out if an asset’s price might change direction.<\/span><\/p>\n

Meanwhile, Dogecoin has formed two consecutive bullish higher-high candles on the weekly chart. The setup confirms that DOGE indeed broke free from the previous pattern.\u00a0<\/span><\/p>\n

Related Reading: XRP Whale Transactions Spike To 3-Month High As Smart Money Buys<\/a><\/div>\n

In line with Rekt’s analysis, if the market keeps up this pace, the price could increase significantly. <\/span>As of the time of writing, DOGE is <\/span>trading at $0.0665<\/span>; the coin is down by almost 4% in the past 24 hours. However, over the last seven days, Dogecoin has gained more than 1%, with a 12% 14-day increase.<\/span><\/p>\n

Featured image from Shutterstock and chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Following a futile fight to break the $0.07 resistance, Dogecoin (DOGE) appears poised for a big drop. This was a warning in an October 31 X post by prominent crypto analyst Rekt Capital to his nearly 400,000 followers. According to the analyst, despite its notable rally last week, DOGE failed to break its diagonal resistance, which resisted its ascent for several months. As a result of this failure, DogeCoin’s price might decline significantly soon. Rekt Capital Analysis: DogeCoin\u2019s Complex Weekly Close Below Resistance From Rekt Capital\u2019s analytic chart, Dogecoin (DOGE) has had a tricky week. It recorded notable upswings but closed below a significant resistance level at the price channel top. The analyst marked the meme coin\u2019s closing price with a circle, as seen on the chart below.\u00a0 Related Reading: Galaxy Digital and Invesco Bitcoin Spot ETF Join BlackRock On The DTCC This setup suggests that DOGE’s anticipated big upswing might encounter delays, the analyst said in the Twitter post. He added that, in the past, when this has happened, DogeCoin\u2019s price declined significantly. This means that the DOGE breakout is postponed. Previous weekly closes like this -> downside, Rekt Capital remarked. However, despite the high likelihood of a decline, the analyst believes there’s hope for DOGE. Rekt said, “If DOGE can hold the highs and reclaim the channel top as support \u2013 there may still be a chance.\u201d Based on Rekt\u2019s chart, to confirm a bullish trend, the DOGE $0.07 resistance needs to change to a support level on the weekly timeframe. Ali Martinez’s Bullish Analysis: Dogecoin’s Promising Breakout Recently, another crypto expert, Ali Martinez, made an optimistic prediction about Dogecoin. The analyst shared a chart on the X platform showing that the meme coin has broken out of a long-term pattern. According to Martinez, this happened when the overall cryptocurrency market trend shifted upwards. Also, Martinez highlighted that a special TD Sequential indicator gives a BUY signal on DOGE. According to the analyst, this signal strengthens the positive outlook for the cryptocurrency. In context, this indicator helps traders figure out if an asset’s price might change direction. Meanwhile, Dogecoin has formed two consecutive bullish higher-high candles on the weekly chart. The setup confirms that DOGE indeed broke free from the previous pattern.\u00a0 Related Reading: XRP Whale Transactions Spike To 3-Month High As Smart Money Buys In line with Rekt’s analysis, if the market keeps up this pace, the price could increase significantly. As of the time of writing, DOGE is trading at $0.0665; the coin is down by almost 4% in the past 24 hours. However, over the last seven days, Dogecoin has gained more than 1%, with a 12% 14-day increase. Featured image from Shutterstock and chart from TradingView.com<\/p>\n","protected":false},"author":622,"featured_media":558597,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83685],"tags":[87299,89765,79599,69575],"class_list":["post-558590","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dogecoin","tag-doge-price-analysis","tag-dogecoin-prediction","tag-dogeusd","tag-rekt-capital"],"acf":[],"yoast_head":"\nDogecoin Poised For Pullback After Failing To Hold Key Resistance<\/title>\n<meta name=\"description\" content=\"Despite its notable rally last week, Dogecoin failed to break its diagonal resistance, which resisted its ascent for several months.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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