Dogecoin may be preparing for the next penetration. After detention of a company approaching $ 0.17 on the weekly graph, Dog recently wore Key Fibonacci and Trendline support, which alludes to renewable upcoming upward potential.
Thanks to the 200 -week moving average, it offers steady support and a higher price of the emerging canal, technologies indicate that the setting is alignment. If the last decrease proves about 200 mAh on the M15 chart that it is to enter low risk, this may pave the way to re -test the resistance of $ 0.16490, and perhaps more.
Rejection of resistance, but technicians still prefer bulls
In a modern analysis subscriber In X, Thomas Anderson presented a detailed collapse of the DOGE/USD work via M15 and M30 time frames. According to the expert, Dogecoin is currently trading at $ 0.17043, and the price is about $ 0.16490. The price procedure shows a slightly lower inclusion than this main level, indicating the frequency between merchants.
Anderson noted that 200 mA (red line) works as dynamic support from the bottom, which helps to establish the price during the current monotheism. This moving medium support provides the basis for restoring control if momentum turns into their favor.
On the M30 chart, Anderson indicated that the broader upper bullish structure is still intact, with the price of Duj over the upward direction line. This technical style indicates the constant optimism of the upward movement, provided that the price is not divided into the main support areas. Thomas Anderson concluded that any decline of about 200 mAh in the M15 time frame can provide an opportunity to buy, especially for traders looking to re -test the resistance of $ 0.16490.
Dogoin Weekly chart elliott chart the theory of ascension
Take a closer look at the weekly scheme of Dogecoin, Andrew encryption analyst Note A noticeable long -term wave structure is revealed. He explained that over the past three years, Duj has completed a motivation from five waves to the upward trend, followed by a typical ABC correction, in line with Elliot’s wave theory.
Andrew also noticed that the price found a strong reaction at the level of 0.786 Vibonacci, characterized by a light blue line, which tracks the retreat from the entire upper step. This reaction indicates that Dog has reached a critical support area, where buyers can start intervention.
With this in mind, Andrew believes that the current structure appears to be a 1-2 preparation, which may lead to the progress of a powerful 3 wave. If this style is run, it may indicate the beginning of a new ups and the possibility of penetrating the previous highlands.
The post Is Dogecoin Prepping For Takeoff? Fib Reaction And Trend Support Say Yes first appeared on Investorempires.com.
