Crypto analyst Kevin Capital has issued a warning about bearish indicators for the Dogecoin price. He noted that Dogecoin has flashed its first sell signal since its bull run began and shared insights on what to watch out for following this development.
In a recent post, Kevin Capital highlighted that the Dogecoin price is currently showing a sell signal on the weekly timeframe. He emphasized that this signal is not confirmed yet, as Dogecoin needs to print this sell signal on the upcoming weekly chart to confirm the bearish outlook.
Kevin Capital also pointed out other bearish indicators for the Dogecoin price, such as the Moving Average Convergence/Divergence (MACD) showing decreasing upside momentum and the Stochastic RSI waiting for a bear cross. These indicators, combined with other signals, suggest a potential downside is on the horizon.
Despite these bearish indicators, Kevin Capital mentioned that the Dogecoin price action still appears bullish, with the money flow indicator also signaling positivity. He emphasized the importance of considering both bullish and bearish indicators without being permanently bullish or bearish, urging investors to stay clear-eyed.
Currently, the Dogecoin price is consolidating around the $0.4 range and recently achieved its best monthly close of the year in November, with a 161% gain for the month and a YTD increase of over 385%.
On the other hand, other crypto analysts like Trader Tardigrade have offered a more bullish perspective on the Dogecoin price. Trader Tardigrade highlighted a breakout candle out of a bullish pennant pattern, signaling a potential surge towards the $1.3 target.
Rekt Capital also noted an ascending triangle breakout for the Dogecoin price, suggesting a rally to $0.56 after achieving a daily close above the pattern top at $0.43. Additionally, The Cryptomist predicted a bullish move to $0.70 for Dogecoin this upcoming week, bringing the meme coin close to its previous all-time high of $0.73.
At the time of writing, the Dogecoin price is trading around $0.43, showing a nearly 2% increase in the last 24 hours according to data from CoinMarketCap.
In conclusion, the Dogecoin price is currently facing conflicting signals from both bearish and bullish indicators. While some analysts warn of a potential downside, others are optimistic about a bullish surge towards new highs. Investors are advised to consider all factors and stay informed to make informed decisions in the volatile cryptocurrency market.
