Dogecoin (Doge) is in a consolidation phase After a strong downward trend, which indicates that cryptocurrency has a critical time. Technical analysis of a crypto expert suggest While Dogecoin’s youngest upward trend could continue, retailers should remain careful due to the risk of false outbreak.
Dogecoin price rally or wrong outbreak?
According to the TradingView Crypto Analyst ‘Elitefxacademy_Crypto’, the price of dotecoin currently consolidates between key zones, which indicates that a Possible outbreak can be on the horizon. After a strong drop in price, Dotecoin was traded within a defined area in the 4-hour diagram, whereby the support of around USD 0.158 to 0.165 is around the lower zones to prevent further breakdowns.
The analysis showed that Dogecoins downturn has turned into a consolidation phase in which the cryptocurrency stabilizes and may be prepared for another leg. In addition, the tradingview expert was shared Critical resistance areas Between $ 0.175 and $ 0.18, which were found in the upper zones and which serve as a barrier to limit a stronger upward movement.
Until Dogecoin can break out of his resistance zone, the price is expected to remain Bound range. The analyst predicts that a break through resistance zones may be able to significantly grow the price of the Meme coin. Conversely, a drop below Key support levels can stimulate additional declines in dotececoles already low price.
Historically speaking, a longer consolidation in a cryptocurrency often goes ahead a Strong back rash on the head. When Dotecoin manages to exceed the level of resistance Previous upward trend. This trend reversal is expected to bring the price of cryptocurrency towards the target of 0.19 to 0.2 US dollars and above.
While this optimistic outlook could make a decisive change of Dogecoins current low -center, the trading view analyst warns of the possibility of one False outbreak. This is a scenario in which the price of a cryptocurrency temporarily violates the resistance or level of support. Since Dogecoin has tested these zones several times, the crypto expert has warned of the dealer to pay attention to confirmation signals, such as. considerable volume Or persistent price campaign beyond the area.
In an alternative bear -scenario, the Tradingview expert predicted that Dogecoin could only drop 0.15 US dollars if he experiences a stronger decline below its support area. This would represent a decline of 11.24% compared to the latest lowestations.
What’s next for Dogecoin?
The price for Dogecoin is currently at 0.169 USD after a decline of over 40% was recorded last month. During this downturn in the market, Ali Martinez, Krypto -Analyst Shares A bullish outlook for Dogecoin, which predicts that the cryptocurrency will soon be preparing for a price swing of 16%.
The analysts Optimistic forecast depends on Dogecoin’s ability to break out of his current Estimated triangle diagram pattern. If the cryptocurrency can recapture the rising trend line and collide over 0.19 US dollars, it could occur on resistance and try breakout.
Conversely, the table emphasizes a critical zone in which the price for dotecoin falls below the trend line, which indicates a possible bear batch in the direction of 0.16 to 0.158 US dollars.
Selected picture of Dall-E, Diagram from Tradingview
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