Dotecoin has Confronted resolved pressureLosing the support level in the last 24 hours with $ 0.17. This price decline is coming In the middle of a wider market injuriesWhat the Meme coin has seen that also have difficulty going to dynamics again. Despite this setback, a new technical analysis of Trader Tarder shows that Doge remains in a historically significant macrochanal. If the price applies within this area, this could indicate this The soil has already formed Set the stage for a significant outbreak in the coming months.
Dogecoins price campaign and the macrochanal
According to a detailed technical analysis of the price campaign of Dogecoin for the monthly candlelight, divided on social media Platform X by Crypto Analyst Trader Tarderrade, Dogecoin, has retained a well-defined uptrend macrochanal that has shaped its long-term price since its foundation. However, the analyst pointed out that there were cases in which the Meme coin had briefly deviated briefly or below the upper and lower borders of this macrochanal before returning inside.
The current price campaign of steady declines since January has meant that Doge is now testing the lower trendy level in this macrostructure. The Question is now Whether Dogecoin can bounce off the lower trend line without deviation or whether it deviates again and acts below the trend line for a few months.
As dealer emphasized Tarderrade, DOGE should remain in the macrochanal without breaking below the lower trend line, indicates that the cryptocurrency has already reached its soil. This scenario reflects a similar pattern that was observed in 2017 when Dogecoins prize respected the lower border without deviation. In the following months, this in turn led to a strong rebound and a continuing upward trend.
However, the price behavior of the past from 2020 indicates that a deviation remains a possibility, which means that Doge can temporarily fall below this trend line and spend the next few months. At the time of writing, this lower trend line is 0.15 US dollars.
Doge $ 6 price target and how to get there
Despite the recent weakness in Dogecoin’s buying pressure, Trader Tarders is optimistic about dotececoins long -term trajectory. Remarkably, the analyst predicted a possible price increase from Dogecoin compared to 6 US dollars. This ambitious price target depends on the Meme coin, which maintains its macrostructure without wasting and repeating the previous growth of 2017.
At the time of the letter, Dotecoin deals with $ 0.1687 after he has slipped under the decisive support level of $ 0.17 in the last 24 hours. The loss of this support has reinforced the bearish feelingAnd there is now a better probability that another downward movement is another downward movement at short notice.
Technical indicators indicate that Dogecoin still has space for the decline before finding a solid foot, and $ 0.15 are now the next important level. A confluence of factors, including technical indicators such as the relative strength index (RSI), could be of crucial importance when determining and below at $ 0.15.
Selected picture of Unsplash, diagram of tradingview.com
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