Dogecoin prices may increase further as demand grows, but this trendline remains critical
As the market traces back from last week’s earnings, Dogecoin’s price has been in trouble with the continuation of its uptrend. So far, the Bulls have managed to stay above $0.2, but the number has stagnated during this time, especially when it is stagnant, which remains a mystery. However, this is not bad news for meme coins, as a crypto analyst pointed out some bullish forms on the Dogecoin price list.
The bullish momentum is still shaping Dogecoin prices
Although the current crypto market headwind has turned bearish, there may still be some hope for Dogecoin’s price. As one crypto analyst shows in a trading browsing post, demand for Dogecoin prices is still at some levels. This was unveiled in the 960-minute chart, which has become the focus.
According to analysts, there is a lot of demand for Dogecoin at this level. This demand has not eased, and as the market fell, dog prices have become stronger and stronger. Looking ahead, analysts explain that even if prices do drop from here, there is still strong Doge demand at this level.
As this demand is established, Dogecoin’s price has been retested toward the retest level. This is above $0.22, and dog prices started to rise last time. Successful retesting and disruption at this level can confirm the bullish continuation of prices.
However, at the time of writing, the Bears are still under a lot of pressure. So, as analysts highlighted in their post, the next support zone has now moved to $0.2073. In addition to this, there is a trend line resistor tested by meme coins.
The importance of this downtrend line resistance cannot be exaggerated because it is the success or failure level of the price. The break beyond will be bullish and the price will rise. However, a breakout below this trend line and invalidating support at $0.2073 can be disastrous.
Another development that shows bullish momentum is on the 60-minute chart. Here, crypto analysts point to the formation of reverse head and shoulder patterns. This model has historically been optimistic about the price of dogs. However, it is still important that cryptocurrencies do break through the trend line before the bullish trend that began last week continues.
Featured pictures from dall.e, charts from tradingview.com
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