A new technical analysis of a crypto analyst suggests that the youngest Dowecoin price drops Can come to a quick end. The analyst projects that this top meme coin is preparing for a price meeting for 0.5 US dollars. Although dogs Long -term prospects appears bullishThe Meme coin stands in front of a last hurdle that could delay its ascent.
Dotecoin price sample signals threatening increase
According to X (formerly Twitter) Crypto -Analyst Cas Abbé is Dogecoin Education A perfect circular sample pattern in the annual diagram, which indicates a potential go to a large rally to $ 0.55. This textbook pattern is a technical indicator that often signals a possible start of a price reversal after a long downward trend.
The rounding floor pattern suggests that Dogecoin gradually built despite its latest dynamics The price drops to new lows. The analyst shared a price diagram with the price movements of the Meme coin from 2022 to the present day. The yellow trend line at the top of the diagram represents A Resistance zone Around $ 0.4 and $ 0.55. Dogge had previously tested this resistance zone, but was confronted with a rejection that reduced its price to current low stalls.
Abbès diagram also emphasizes Dotecoins relative strength index (RSI) Wing. The weekly RSI approaches a support trend line around the level of 40 to 48.98. Historically speaking, Doge tends to reverse and move higher when RSI reaches this level. Based on the upward track of the Circular floor patternThe analyst projects that the price could soon collect up to $ 0.55.
While this goal records a significant milestone for dotecoin, it is still well below the ATH of $ 0.65 that was achieved during the previous one Bull market in 2021. Other crypto members have expressed excitement about Abbès prediction, forecast Even higher goals of 1 US dollar for Doge.
In addition, commentators like Dean Chapman have emphasized The potential effects of a Dogecoin ETF on the future prospects of the Meme coin. With news from Dogecoin ETF registrations Distributed via the crypto room, it is possible that Doge can compare a more extensive price rally during his Bitcoin Spot Bitcoin Etf Fomo.
A last dip in front of the rally?
Despite the optimistic prospects, Abbè warns that Dogecoin Maage is allowed facing a last decline before the expected rally. Technical indicators in the table, especially the RSI of Dogecoin and a sliding average convergence (MACD), provide a reference to A short -term withdrawal.
Abbè predicts that Dogecoin experiences an initial decline compared to the range of $ 0.19 to $ 0.20 before it finds solid foundations for a pricing. If the Meme coin can successfully maintain this area of support and break through the level of resistance, Doge could gather on the projected goal of $ 0.55. This would make an increase of 120% compared to its current market value of $ 0.25.
Selected picture of Adobe Stock, diagram of tradingview.com