Crypto Analyst Yomi Decodes Dogecoin’s Market Moves, Predicts Potential Bull Run

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The recent behavior of Dogecoin’s price has insightfully been decoded by a renowned cryptocurrency analyst, Yomi. Notably, his projections anticipate a potential thrust towards a bull run following this week’s price developments. According to Yomi’s chart interpretation, what Dogecoin needs at the moment is the indication and stability of a green candle, heralding a new rally. However, he is aware that given Dogecoin’s current on-chain metrics and market fundamentals, achieving this could pose a challenge.

Yomi’s analysis of Dogecoin’s weekly chart revealed an impending golden cross – a promising sign of an upswing in cryptocurrency parlance. This event transpires when the 50-week moving average intersects and ascends above its 200-week equivalent, generating bullish momentum. Referencing his weekly pricing analysis, Yomi indicated that Dogecoin was nearly at the point of forming this golden cross two weeks ago. This observation was postulated through the lens of the cryptocurrency’s price swell over the past two months, which had the effect of the short-term moving average drawing near to the longer one.


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However, since the start of April, the stance surrounding Dogecoin turned bearish. The reason behind this was the bulls’ struggles to pull the cryptocurrency past the $0.22 resistance level. Consequently, the past fortnight displayed Dogecoin primarily forming bearish candles, thereby stalling the imminent formation of a golden cross.

Despite setbacks, Yomi suggests hope is not completely lost. He recognizes now that this bullish sign will necessitate multiple weeks of upward price movement to come into fruition. Yomi echoes the need for Dogecoin’s closing price this week to surpass its opening value, thereby forming a green candle. This will not only confirm the market breakout but also realign Dogecoin’s course towards the fabled golden cross.

In the preceding week, Dogecoin witnessed a remarkable drop, ironically leading the way in the widespread fall of meme coins. The digital currency experienced a drop to $0.13 midway through the week, marking a disastrous 33% decline from its opening price at the week’s initiation. This prompted Whale Alerts, the crypto whale transaction tracking mechanism, to report the transfer of a whopping 600 million Dogecoin tokens, valued at $92.3 million, into Binance from a private wallet, raising suspicions of a possible sell-off by a Dogecoin ‘whale’.

Contrastingly, Dogecoin seems to be slowly gathering its composure, as the price action in the previous day turned green. At the current moment, DOGE is trading at $0.1669, showcasing a 5% increase within the last 24-hour period. If it can close significantly above its weekly opening price of $0.1624, it will signal the continuation of its voyage towards a golden cross, potentially sparking a new uptrend.

Yomi shared via another social media post that provided Dogecoin maintains freedom from dipping below $0.12 this week, a teasing bullish price run could still emerge over the longer term. His ruminations serve not only as a beacon for those investing in this meme coin, but also as a stark reminder of the thrills and spills that often accompany the world of cryptocurrency.