Can Dogecoin Reach $0.85? Bullish Setup Hints At Potential For Advance
03 Agosto 2023 - 9:00AM
NEWSBTC
Dogecoin (DOGE) has recently captured attention due to its price’s
downward trajectory. While the current decline in DOGE’s price
might raise concerns, astute traders are discerning a potential
opportunity amidst the turmoil. As reported
by CoinGecko, the DOGE price stands at $0.074288, reflecting a
3.6% drop in the past 24 hours and a 5.2% decline over the past
seven days. These figures emphasize the coin’s recent volatility
and the challenges that DOGE holders and traders face.
Related Reading: Kaspa (KAS) Takes Off With 23% Burst – What’s
Fueling The Thrust? However, beneath the surface of these numbers
lies an intriguing pattern that might hold the key to future price
action. Source: Coingecko Dogecoin Potential For Bullish
Continuation Despite the recent price woes, technical analysis
unveils a fascinating pattern on DOGE’s four-hour time frame chart
– the bullish flag pattern. This pattern, often observed as a
continuation signal, consists of a sharp downward slide resembling
a flagpole and a consolidation phase marked by parallel
trendlines. In DOGE’s case, this pattern is at play,
suggesting that the ongoing price decline is a precursor to a
bullish resurgence. According to a recent report, the battle
between support and resistance levels is evident. DOGE’s price
movements within the channel structure reflect this struggle
vividly. The support trendline has demonstrated its strength with
three discernible bounces, underscoring its importance as a
potential rebound point. DOGE market cap reached $10.25
billion today. Chart: TradingView.com Conversely, the overhead
resistance has twice thwarted upward price movements, showcasing
its influence over trader decisions. These dynamics highlight these
levels’ pivotal role in determining potential trend shifts.
Historically, flag patterns indicate a temporary pause following a
notable price movement, often paving the way for continuing the
prior trend. If DOGE’s buyers successfully breach the resistance
barrier, an estimated 8% price surge could enable the coin to break
through the psychological barrier at $0.085. Divergent Perspectives
Amid the optimism surrounding the flag pattern, caution is unveiled
in a separate report. The report’s viewpoint suggests a
bearish outlook for DOGE, grounded in the coin’s struggles to
overcome the resistance of a falling wedge pattern. $DOGE has
performed its new Weekly Close below the pattern resistance As a
result, #DOGE is potentially set up for a rejection and
intra-pattern consolidation Worst case scenario, DOGE could retrace
to the very bottom of the market structure#Crypto #Dogecoin
https://t.co/K8KUgizgNw pic.twitter.com/sVbLgHlNzd — Rekt Capital
(@rektcapital) July 31, 2023 DOGE might experience a retracement in
a more pessimistic scenario, descending to the wedge’s diagonal
support at around $0.055. This divergence in opinions underscores
the inherent unpredictability of the cryptocurrency landscape.
Related Reading: Binance Coin (BNB) Price Gears Up For A 10%
Upswing – Here’s How While the downward trajectory of DOGE’s price
might trigger concern, it also beckons an opportunity for those who
analyze its underlying patterns. The emergence of the flag pattern
amidst the price decline hints at the potential for a bullish
continuation. Yet, analysts’ differing perspectives serve as a
reminder of the intricate nature of cryptocurrency markets.
(This site’s content should not be construed as investment advice.
Investing involves risk. When you invest, your capital is subject
to risk). Featured image from Reddit
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