Will Dogecoin Moon Or Crash? This Indicator Holds The Answer
The 20-month simple moving average (SMA) for Dogecoin (DOGE) is currently at $0.1751, serving as a critical support level. DOGE is above this average, having previously experienced significant rallies after retesting it in 2017, 2020, and again since August 2022. Two recent monthly candles dipped below $0.20 but were quickly bought back, maintaining the upward trend. A close below $0.175 could lead to a multi-month downtrend similar to past cycles. In the broader crypto market, the total market capitalization excluding Bitcoin (TOTAL2) is forming an ascending triangle, with a breakout requiring a monthly close above $1.7 trillion. Projections suggest potential highs between $4.06 trillion and $6.9 trillion if the breakout occurs. Dogecoin's past explosive cycles coincided with TOTAL2 breaking prior highs, indicating that a successful breakout could lead to significant upward movement for DOGE. Current trading for DOGE is at $0.189.
