Dogecoin confirms daily trend reversal and conducts breakthroughs, retests and new uptrends
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The price of Dogecoin is Entering a new bullish stage back A few months of decline. Technical analysis of the daily candlestick time range chart shows that popular meme cryptocurrencies are flickering trend reversals, suggesting a significant shift from bearish to bullish momentum.
Analysts sign daily trend trend reversal chart
A well-known crypto analyst named Trader Tardigrade has Highlight Confirmed Dogecoin trend reversal. In an article on X this week (formerly Twitter), he noted that Doge’s daily chart has gone from falling to uptrend. Technical analysis of Dogecoin’s price action reinforces this claim.
Related Readings
Dogecoin’s price has recently exceeded the downward trend line, which has defined a downward trend for several weeks. The breakthrough occurred on April 22, when Dogecoin closed above $0.165 in the daily candlestick timeframe. This breakout is the first step in indicating that the coin escapes its bearish trajectory.
Shortly after breaking through the downward tilt resistance line, Dogecoin’s price retreated between April 23 and April 24 to retest the same trend line, but this time it started from above. Importantly, the previous resistance trend line has been the new level of support during retesting. After a successful test, Dogecoin resumed its upward climb, marking the continuation of a new upward trend.
This breakthrough, retested pattern is a classic technique to prove the trend reversal. This successful retest of the trend line makes people’s bullish shift real, not a false signal.
image From X: Trader Tardigrade
Bullish Target: $0.25 from early May to early May
With the daily trend now rising, the focus is now on this new uptrend that can take away the multi-dogs. According to Trader Tardigrade’s analysis, Dogecoin may continue to climb in the coming days and will soon cross a quarter of the dollar. As he shows on the chart shared by Trader Tardigrade, the next Dogecoin targets about $0.25 in the first week of May.
If achieved, a rise to $0.25 would be an important milestone, Consider Dogecoin Trapped in a downward trend for more than 10 weeks. Thus, a breakout to $0.25 will mark Dogecoin’s highest price since late February and recovered from its recent lows to $0.14-$0.15 range. Such a move will also represent a 51% increase in the breakout level of about $0.165.
However, $0.25 is just a short-term goal. exist Separate analysisTrader Tardigrade points to Dogecoin’s long-term chart, highlighting the underlying layer of the circle. The accompanying chart shows that in previous cycles, Dogecoin’s price formed a circular bottom before entering an explosive upward trend. This repetitive pattern (now visible again in the monthly time frame) suggests that Dogecoin may be on the verge of another major breakthrough. this Long-term goals $2.8 in this case.
image From X: Trader Tardigrade
Related Readings
At the time of writing, Dogecoin trades for $0.18.
Featured images from Unsplash, charts for TradingView
