Crypto analyst Kevin Capital warned of bearish indicators for Dogecoin price. The analyst said Dogecoin issued its first sell signal since its bull run began and revealed what to watch out for following this development.
Dogecoin Price Flashes a Sell Signal
In an article X, Kevin Capital said that something to recognize and not ignore is that the price of Dogecoin is now printing a sell signal on the weekly calendar. He added that this development is not set in stone yet, as Dogecoin needs to print this sell signal on the next weekly chart to confirm this bearish outlook.
Kevin Capital further highlighted other bearish indicators for Dogecoin price. He said the moving average convergence/divergence (MACD) shows that the bullish momentum is decreasing. Meanwhile, the Stochastic RSI is at the top, waiting for a bear cross. Along the same lines, the analyst said three strong indicators currently converging show that a potential decline is imminent.
However, Kevin Capital stated that Dogecoin price action still appears bullish and the money flow indicator is also optimistic. He noted that he tends to favor these bullish indicators over those of any market. The crypto analyst believes that bearish indicators are always worth hinting at, as they are something to keep in mind. He added that there is no reason to be constantly bullish or bearish. Instead, it’s important to stay clear-headed.
Dogecoin price is currently consolidating around the $0.4 range and just had its best monthly close this year in November, a month in which it recorded a 161% gain. Thanks to this development, Dogecoin, which struggled in the middle of the year, is now up more than 385% year-to-date (YTD).
A more bullish outlook for the Meme Coin
Crypto analysts like Tardigrade Merchant offered a more optimistic outlook on the price of Dogecoin. In a MessageThe crypto analyst said that Dogecoin’s daily candle closed with a candle breaking out of the bull pennant. He added that DOGE is finally pushed above the resistance to break the trend and initiate the next push towards the $1.3 target.
Crypto analyst Rekt Capital highlighted an ascending triangle from which Dogecoin price confirmed a breakout, after reaching a daily close above the trend high at $0.43. Its attached chart shows that Dogecoin could then rally back to $0.56 after breaking out of this ascending triangle.
Crypto analyst The Cryptomist offered a more bullish prediction based on this bullish ascending triangle. She declared that Dogecoin price is heading towards $0.70 next week. This rally would bring the most important coin closer to its current level absolute record (ATH) of $0.73.
At the time of writing, Dogecoin price is trading at around $0.43, up almost 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com