Dogecoin is showing strong signs of a market awakening, with recent price movements e Technical indicators that suggest an incoming event. According to technical analysis, the recent action of Dogecoin prices has opened a path to $ 1 This is becoming more and more visible If some conditions are satisfied.
Particularly, Technical analysis of The Crypto MMBTRRADER analyst on the TradingView platform outlines a bullish configuration that formed after a decisive breachout of Dogecoin prices from a long -term trend channel on the 3 -day candelaccio graphic designer.
Reading Reading
Breakout of the Downrend and Tritest Channel Complete
As shown in the price table of 3 -day candelabras, which was initially shared by Mmbtrader, Dogecoin broke over a parallel channel descending on July 15th. This breakout is significant Because it represents a movement in the market structure from the sales pressure supported to a phase of expansion from a channel that had contained its price action since the end of 2024.
However, after leaving this channel in mid -July, Dogecoin kicked off a correction path on July 21 which saw him reach the upper trend line of the descending channel again. As noted by the analyst, this move has allowed Dogecoin to successfully repeat the Breakout area, which is a move sees as confirms The bulls have regained control.
In particular, the level of retracement of Fibonacci 0.61 appears as a key point where the action of dogecoin prices eventually found strong support. This support was about the price of $ 0.188 at least on August 2, where it bounced upwards and has since closed three 3 -day bullish candles. Mmbtrader interpreted these candles as a healthy signal, suggesting that long positions too levano have already been eliminated and the action of dogecoin prices is now in a more stable state for a strong rise move.
Dogecoin will reach $ 1 when this happens
Now that Dogecoin seems to be rebounded by his test of the descending trend line, the analyst has highlighted some objectives on the road to $ 1. The first price goal is $ 0.32, which aligns with the resistance of Fibonacci 0,236 and has acted as a strong level of support in December 2024. As such, violating this level would represent a decisive break on a resistance situation above transformed into support.
One of the most important observations In analysis there is the level of resistance of $ 0.40, which is marked on the graph with an important red horizontal area. According to Mmbtrader, a clean break greater than $ 0.40 would move Dogecoin to what calls an “extremely bullish” phase.
A breakout above $ 0.40 would unlock the rise potential and push Dogecoin to the new price territories above the maximum of all times of $ 0.73. In particular, the projection is that of a passage to $ 0.75 e The most loved $ 1 price level.
Reading Reading
At the time of writing writing, Dogecoin is exchanged at $ 0.2355, with an increase of 6.2% and 17.7% in the last 24 hours and seven days, respectively. The most important thing for the upward momentum at the moment is to keep above the FIB level of 0.5 to $ 0.216.
In the foreground image from Usplash, a tradingview graphics