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Dogecoin (CRYPTO: DOGE) has been seeing more sideways trading action, with traders wondering when the meme coin will break out for a significant price move.
What Happened: Crypto trader Kevin uses the weekly 200 simple moving average to identify long-term support and resistance levels. In this case, 200 SMA is indicating a potential price reversal.
Another indicator, the stochastic RSI compares an asset’s closing price to its price range over a specified period. For Dogecoin, it suggests the asset is oversold, potentially indicating an upcoming price bounce.
Another crypto trader, Daan Crypto Trades, sees Dogecoin holding on to support. The trader notes a catalyst for a push is lacking but added, "did sweep the liquidity below but I would want to see this trade back above ~$0.13 to show some strength."
IntoTheBlock data notes Dogecoin's exchange netflows surging 333.2% in a single day. 75% of DOGE holders are in profit and 66% have been holding for over a year.
Price Action: In the past 24 hours, DOGE is down 0.12% to $0.1242.
Also Read: Top Trader Wonders If ‘Safer Big Caps Like Pepe, Dogecoin’ Will Outperform His Meme Coin Portfolio
Why It Matters: Heavily followed crypto trader Crypto Kaleo Dogecoin’s historical trade pattern, acknowledging the boring market sentiment for most of the part of its existence. But the trader also highlights the meme coin’s rallies, saying "It had one run that pumped ~6000% from the lows and another that pumped more than 30,000%." He adds that both the moves took around 8-9 months after the halving. Currently, we are only two months into the halving thereby indicating the next move or breakout "doesn’t happen until Dec – Feb."
Kaleo added he would not be surprised to see Dogecoin retrace back to the 8-10 cents range, as a similar trend was seen in August 2020.
He concluded by predicting some more time left for the rally to start, "I still believe we’re in a meme coin supercycle and we’ll see DOGE send to $1 – $2."
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Is Dogecoin’s 10% Rally The Start Of Something Big?
Image: Shutterstock
Posted In: $DOGE
