Dogecoin (DODE) is in a consolidation phase After experiencing a strong decline, indicating that Cryptocurrency is at a critical time. A crypto -expert technical analysis propose That while Dogecoin’s last time could continue, traders should remain cautious due to the threat of a false eruption.
Dogecoin Price Rally or False Breakout?
According to TradingView Crypto analyst, ‘Elitefxacademy_crypto,’ the Dogecoin Prize is currently consolidation between key zones, indicating that a Potential outbursts can be on the horizon. After witnessing a serious price decline, Dogecoin has traded within a defined interval on the 4-hour chart, with support levels around $ 0.158-0,165 located around the lower zones to prevent further degradations.
The analysis revealed it Dogecoin’s decline has been transformed into a consolidation phase, where Cryptocurrency stabilizes and possibly prepares for another leg up. In addition, the TradingView expert Critical resistance areas Between $ 0.175 and $ 0.18, found in the upper zones, which acts as a barrier to limit stronger movement upwards.
Until Dogecoin can break out of its resistance zone, the price is expected to remain scope. The analyst predicts that a break above resistance zones can potentially signal further growth in the price of the MEME coin. Conversely, a drop below Key support levels Can drive further reductions in Dogecoins already low price.
Historically speaking, long -term consolidation in a Cryptocurrency often precedes one Strong recovery to the upside. If Dogecoin manages to surpass resisting levels, its price consolidation may end, signaling the continuation of its Previous upward. This trend use is expected to squeeze the Cryptocurrency price towards the target $ 0.19 -0.2 and higher.
While this Hausse prospects could provide a crucial strong movement from Dogecoin’s current lowness, the TradingView Analyst warns of the possibility of an False outburst. This is a scenario where the price of a cryptocurrency temporarily violates the resistance or level of support before it quickly turns. Since Dogecoin has tested these zones several times the crypto experts have warned traders to look for confirmation signals such as Significant volume or lasting price measure in addition to the range.
In an alternative Baisseart scenario, the TradingView expert has predicted that Dogecoin can decrease as low as $ 0.15 if it experiences a stronger decline during its support range. This would represent a decline of 11.24% from the latest lows.
What is the next for Dogecoin?
The Dogecoin price is currently traded at $ 0.169 after registering a decline of over 40% over the past month. While this decline has shaken the market, crypto analyst Ali Martinez share A raisy sight for Dogecoin and predicts that Cryptocurrency is on its way to a 16% prize wing soon.
The analyst Optimistic forecast is dependent on Dogecoin’s ability to break out of its present Rising triangle diagram patterns. If Cryptocurrency can regain the rising trend line and bounce back over $ 0.19, it can press against resistance and try breakout.
Conversely, the diagram highlights a critical zone where the Dogecoin price drops below the trend line, suggesting a possible baisse -like degradation to $ 0.16 – 0.158 $ support zone.
Featured Image from Dall-E, Chart from Tradingview
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