Dogecoin (Doge) is just The fallen channel pattern, indicating a potential shift from bearish to bullish position. After months of downtrend trading, the meme coins appear to be Prepare for the next lega crypto analyst expects a gain of $0.44.
Dogecoin Breakout Sparks hopes $0.44
In recent technical analysis, crypto analyst Jonathan Carter Announce On X (formerly Twitter), Dogecoin officially broke into a long-term advent channel on the 3-day chart.
A few months later, this breakthrough came Price drop action In well-defined parallel channels, Doge prices always make lower highs and lower lows. Analysts chart shows that before the downgrade channel, Dogecoin is Wedge pattern drops Second half of 2023.
Cryptocurrencies confirm this pattern by bursting into rising space in the same year, which triggered a large number of price rally that peaked near the $0.45 resistance zone. Since reaching its peak, Dogecoin has traded within the downstream channel, but the price was eventually broken by a conviction after multiple rejections from the upper boundary.
Carter’s chart display Dogecoin’s Relative Strength Index (RSI) It is also close to 75, indicating a strong upward momentum. Although this shows strength, it also warns that cryptocurrencies may be approaching Overbought territory soon.
Currently, Dogecoin faces minimum resistance based on its bullish structure. As a result, Carter predicts that the next major area will be $0.287, $0.340, while the previous high is $0.445, at $0.445. The support zone also sets $0.092, a barrier that promises to prevent Dogecoin’s steep price breakdown.
Analyst project for DOGE’s $0.6 target
In other news, there is “Trade Ace” on crypto analyst X Indicated Doge is showing early signs of a huge trend reversal. based on Wyckoff market diagramwhich indicates that the meme coins have officially exited the accumulation zone and entered the markup phase on the weekly chart.
The chart divides Dogecoin’s multi-year price history into four classic market stages: accumulation, price increase, scratches and distribution. Dogecoin trades on the side for most of 2022 and 2023 Accumulation area.
However, recent bullish activity has pushed its prices firmly toward the marking territory, which suggests The potential rise begins. This prospect is supported by Dogecoin’s RSI behavior, which now exceeds its exponential moving average (EMA) and sits in 53.97 at the time of analysis.
According to the trade’s trump card, this RSI crossover highlights Bullish growth momentum and early stages of trend expansion. If momentum remains, Doge may continue to trajectory upward towards the upper boundary of the marker zone, with the next bond resistance of $0.34. In addition, if the quantity and market interest continue to grow, the road to distribution zones above $0.60 becomes clearer.
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