In his newest YouTube video posted on December 6, the analyst behind the favored Cilinix Crypto channel shared an upbeat outlook for the meme-inspired cryptocurrency Dogecoin.
The analyst pointed to Dogecoin’s (DOGE) current technical breakout above key resistance ranges close to 9.4-9.5 cents as a bullish sign that would propel the token in direction of additional upside near-term.
[DOGE] broke above this vital resistance stage proper right here at 9.4, 9.5. That was our first take revenue. That was additionally my value goal, as I mentioned in my earlier movies, broke above that simply. Additionally broke above 10 cents. So simply technically, it seems most definitely as effectively that it’ll proceed rallying up.
Cilinix Crypto
The analyst believes the cryptocurrency market is at the moment in an early stage bull cycle, with cash starting to rotate into meme cash like Dogecoin after flowing first into leaders like Bitcoin (BTC) and Ethereum (ETH).
Often what occurs when bullish momentum comes into the markets is Bitcoin goes first, then Ethereum follows slightly bit. Proper now, you see that massive narratives additionally do very effectively. So AI and gaming, and so on. After which for the duration of time, the meme cash comply with, all proper? In order that’s what you see proper now. Shiba Inu can also be comparatively bullish proper now.
Cilinix Crypto
With Dogecoin rallying, the analyst thinks there’s elevated potential for high-profile supporters like Elon Musk to tweet about it.
If Dogecoin turns into bullish, it is going to be extra hyped. If it’s extra hyped, there’s a better likelihood that Elon Musk tweets about it. And if there’s a better likelihood that Elon Musk tweets about it, or one thing occurs with it relating to Tesla, Twitter, no matter, then the value will get extra bullish once more. So there’s this cycle for Dogecoin as effectively, which simply makes the potential nice.
Cilinix Crypto
Primarily based on the token’s technical energy and supportive fundamentals, the analyst expects Dogecoin will proceed advancing in direction of his subsequent value targets between 11 and 11.5 cents. Nonetheless, he cautions that Dogecoin stays extremely correlated with Bitcoin, so a sudden drop in Bitcoin may drag Dogecoin again down as effectively.
The analyst disclosed he and his sign group took a protracted place on Dogecoin round 8.7 cents, which has confirmed worthwhile to date. He says he’ll proceed monitoring the state of affairs and supply updates if the outlook adjustments. However for now, his base case predicts additional upside for the outstanding meme coin.
Crypto analyst sees continued upside to Dogecoin gains crypto.information 2023-12-06 19:52:32
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