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This Crypto Analyst Correctly Called The Dogecoin Price Crash, Here Are His Targets
The Dogecoin price is currently correcting after two weeks of intense price upticks that saw it reach $0.426 for the first time since its massive 2021 bull run. However, as is normal after such a crazy rally, the Dogecoin price now seems to be undergoing a brief correction as a few holders start taking profits or exiting their positions overall. Notably, the Dogecoin price is down by 8.5% in the past 24 hours and 13% since it reached $0.426.
Interestingly, this correction was called by a crypto analyst on social media platform X. According to crypto analyst Kevin, recent Dogecoin price action has led to the creation of a weird Dogecoin symmetrical triangle pattern, which could either lead to a correction or a continued upside move.
Analyst Says Symmetrical Triangle Favors Price Correction
Dogecoin has begun consolidating, which is quite normal before the continuation of a rally. As crypto analyst Kevin noted using the 1-hour candlestick timeframe, Dogecoin has been consolidating since November 12. This consolidation has been characterized by the creation of lower highs and higher lows, giving rise to a symmetrical triangle pattern.
Considering that it is coming from a bullish move, the symmetrical triangle has the highest chance of breaking to the upside. However, the analyst noted that there’s a higher chance of correction, especially due to the daily Relative Strength Index (RSI) signalling an overbought condition above 90. At the time of his prediction, Dogecoin was trading around $0.39. Since then, its price has declined further, reinforcing the case of a correction.
In the event of continued downward movement, Kevin identified a key support zone between $0.30 and $0.26, which aligns with the golden pocket retracement levels. This range represents a potential 30-40% correction from Dogecoin’s recent top at $0.426. “That’s a 30-40% correction from the local top, which in a bull market is a perfect size correction,” he said.
Keeping in mind the lingering bullish sentiment, Kevin acknowledged in a follow-up post that the Dogecoin price could defy his expectations, and he might be wrong about the consolidation leading to a major correction.
He suggested the possibility that the symmetrical triangle might actually be a bull flag pattern, which is more typically associated with bullish breakouts. If this is the case, the pattern could pave the way for an upward breakout that would drive the Dogecoin price toward a guaranteed target of $0.90.
Current State Of Dogecoin Price
At the time of writing, Dogecoin is trading at $0.37, having decreased by 8.5% in the past 24 hours. Nevertheless, Dogecoin is still on track to finish November with the best monthly gains in over three years. The next few days will be crucial in determining how this plays out; whether the consolidation phase resolves with a sharp correction or a rally to new highs.
Featured image created with Dall.E, chart from Tradingview.com
The renowned dog-themed meme crypto SHIB continues to steal the spotlight amid a highly bullish market, further solidifying market optimism with a massive Shiba Inu burn rate surge on Saturday. Recent statistics indicate that the meme coin’s weekly burn rate soared nearly 450% in the wake of over 600 million coins burnt in the past seven days. In turn, crypto market enthusiasts speculate whether a parabolic bull run for the toke lies ahead as the broader sector remains highly bullish in Q4.
Weekly Shiba Inu Burn Rate Soars As 624M Coins Destroyed
According to an X post by the official Shibburn X handle on November 16, the weekly Shiba Inu burn rate witnessed a remarkable 464% uptick as 624.5 million tokens tokens were burned over the past seven days. The remarkable surge has dealt a significant blow to the meme coin’s total supply in the market.
The latest data by the tracker’s X handle pointed out that Shiba Inu’s current market supply totaled 589.262 trillion coins. For context, the meme coin’s burn mechanism aids the broader ecosystem in killing the token supply, a bullish factor per the law of supply and demand. This chronicle has garnered noteworthy optimism toward the meme coin’s future price movements.
Meanwhile, a recent CoinGape Media report further spotlighted the Ethereum-based token’s potential to offer investors gains. Reportedly, amid the coin’s recent bull run, a crypto whale netted millions in profit trading SHIB. This saga has added to why the token caught the market’s attention, accompanied by its remarkable burn rate surge.
SHIB Price Eyes Parabolic Rally Ahead?
Simultaneously, SHIB price today added nearly 6% intraday and is now sitting at $0.0000251. The crypto’s 24-hour low and high were $0.00002319 and $0.00002596, respectively. The token’s market cap rested at $14.78 billion today. This rising action falls in line with the abovementioned Shiba Inu burn rate surge.
Meanwhile, it’s also noteworthy that the rising price action aligns with the broader meme coin frenzy witnessed at present. Dogecoin, Pepe Coin, and Dogwifhat extend weekly gains to 61%-101%, further underscoring a bullish meme crypto market. In light of this bull market, the token’s lead developer, Shytoshi Kusama, also took to X, stating, “LFGOOOOO!!!!!” This statement has added to market intrigue as the dog-themed meme coin reflects immense optimism.
Additionally, a recent Shiba Inu price analysis by CoinGape Media indicated that the token mirrors historical patterns that indicate potential parabolic price gains lie ahead. Market watchers remain highly bullish on the crypto’s future performance.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Another DOGE rally may be imminent after the Dogecoin price flashed a bullish pattern on the hourly chart. This has raised the possibility that it could rally to the psychological $1 price level soon enough.
Dogecoin Price Flashes Bull Flag On Hourly Chart
In a TradingView post, crypto analyst Skidad revealed that the Dogecoin price had flashed a bull flag on the hourly chart. The analyst also revealed that the Fibonacci fan is nearing the support zone. Based on this, Skidad remarked that there could be a possible DOGE breakout to the upside.
This bull flag presents a bullish outlook for the Dogecoin price, which is currently consolidating after its parabolic rally of over 100% in the last seven days. The bullish pattern indicates that the upward trend will continue soon enough once the foremost meme coin is done consolidating for the next leg up.
The analyst’s chart showed that the Dogecoin price could rally to as high as its current all-time high (ATH) at $0.73 on this next leg up. That could pave the way for another rally to the much-anticipated $1 price level. Crypto analyst Master Kenobi, who correctly predicted the start of the Dogecoin bull run, recently predicted that DOGE could reach this price level by December 2nd.
Crypto analyst Dj Anas also recently revealed that the Dogecoin price is set to enter price discovery and predicted that the foremost meme coin will reach $1 by year-end. The analyst made this prediction based on the Fibonacci levels, which he said support such upward momentum for DOGE.
In an X post, Crypto analyst Kevin Capital noted that a Dogecoin price rally to $1 isn’t far off, considering that the meme coin has gained over 300% in the last month.
DOGE Could Hit $2 By Year-End
In a recent X post, Kevin predicted that the Dogecoin price could rally to as high as $2 by December. However, the analyst opined that DOGE needs to cool off the indicators first and spend a couple of weeks loading up for the next move. He noted that this is all based on strong historical evidence.
The analyst revealed that a one to three-week healthy consolidation period happened multiple times in the 2021 bull run as the Dogecoin price rallied to its current ATH. In line with this, he believes a consolidation period would be the most beneficial for Dogecoin.
The analyst’s first target for the Dogecoin price retracement is the $0.26 to $0.30 range, which he noted is the golden pocket retrace level. That represents a 30% to 40% correction from the local top, which Kevin claimed is a perfect-size correction in a bull market.
At the time of writing, the Dogecoin price is trading at around $0.37, down over 4% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
LUNC News: The Terra Classic community has approved a proposal to transfer CoinMarketCap dashboard account access to top validator Allnodes directly. The move comes as the community recently asked Terraform Labs to grant access to the validator, but the beleaguered company failed to transfer the access. LUNC and USTC price gains upside momentum to breakout resistance levels amid the latest developments.
LUNC News: Terra Classic Nods Proposal to Transfer Access
Text Proposal 12145 “Request for CoinMarketCap Dashboard Access to be Transfer to Allnodes” has passed as the community decides to transfer CoinMarketCap dashboard access to Allnodes. The top validator will manage and update Terra Classic’s dashboard information, including social media links, website details, and other essential data.
TFL was asked to transfer CoinMarketCap dashboard access for Terra Classic ecosystem assets to Allnodes, but no action or response was received from anyone.
As reported earlier, Allnodes agreed to act as a temporary custodian of these access rights and agreements, to make any relevant changes on CoinMarketCap after governance voting.
Notably, the proposal saw more than 76% votes in favor, confirming support from the Terra Classic community. It also received 0.20% ‘No’ votes and 0.23% ‘No with veto’ votes, along with an abstain vote from Allnodes.
LUNC and USTC Prices On Bullish Run
Amid the key Terra Classic news, LUNC price soared 4% in the last 24 hours, with the price currently trading at $0.0001016. The 24-hour low and high are $0.00009656 and $0.0001042, respectively. Moreover, an analyst expects that the Terra Luna Classic price could soar 480% in the near term as the burn rate continues to rise.
Coinglass data indicate 1000LUNC open interest on Binance and Bybit skyrocketed more than 15% in the past 24 hours. This indicates that derivatives traders are actively buying LUNC futures.
Meanwhile, USTC price climbed more than 5%, with the price now trading at $0.02269. However, the trading volume saw a 32% decline in the last 24 hours. The price is still down more than 1% in a week.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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