Doge smashes triangle pattern: Next stop $ 0.31?

Doge smashes triangle pattern: Next stop $ 0.31?

Tl; Dr.

  • Dogecoin breaks the triangle at $ 0.24, with Fibonacci levels that indicates possible rally to $ 0.31.
  • Analysts emphasize the repeating long-term cycles of Doge, which indicates potential outbreak above the earlier $ 0.73 all-time high.
  • Liquidity data shows Shorts deleted, with Doge with $ 0.25 support and eye resistance near $ 0.26.

Symmetrical triangular

Dogecoin (Doge) is broken from a symmetrical triangular pattern after a few weeks of consolidation. The breakout took place near the level of $ 0.24, sent the price higher and confirmed a bullish setup.

At the time of writing, Doge acts at $ 0.25, supported by a 24-hour trade volume of more than $ 3.15 billion. The token has won 3% the last day and has risen by 16% last week.

Fibonacci levels are used to follow the following goals. The movement above 0.618 racement at $ 0.24 has added the weight to the outbreak. The following levels to view are $ 0.253, $ 0.27, $ 0.3 and $ 0.32. Crypto analyst Ali Martinez stated:

Looking at longer trends, a different analysis of Javon Marks focuses on the repeated cycle of Dogecoin for several years. His graph shows that Doge often consolidates in wide triangle or wedge patterns before they break higher. This was seen between 2014 and 2017, and again from 2018 to 2020, which led to the 2021 -run that pushed Dog to a record near $ 0.73.

The current structure, which began to form in 2022, shows a similar consolidation phase with higher lows to support a rising basis. Marks suggested that this setup could lead to a movement that goes beyond the previous of all time. He noticed,

Uptrend signal based on Ichimoku

Analyst dealer Tardigrade shared an Ichimoku display of the daily graph of Dogecoin. On September 9, the Chikou -overbody crossed the price and generated a bullish confirmation. He explained”

“Chikou -Span (lagging wingspan) that cross above the price, indicating a confirmation of the upward trend. A long trade of $ doge suggested.”

According to his analysis, all Ichimoku conditions are currently raising, which produces a strong uptrend score of +4. Support is $ 0.23804 and in the range of $ 0.21517 – $ 0.22661. Doge continues to retain above these areas, with resistance seen near the $ 0.26 zone.

Liquidity and liquidations for short position

DOGE recently gone beyond $ 0.25 after cleaning up areas where short positions were built up. These liquidations reduced the sales pressure and let the price through. Liquidity data shows company support between $ 0.23 and $ 0.24, while the market consolidates around $ 0.25 – $ 0.255.

Source: CW/X

If buying the demand continues and it breaks the active above $ 0.26, the reduced liquidity above the current levels can give the doge space to push the $ 0.31 target described by analysts.

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