Every Time Dogecoin Forms This Pattern, Price Takes Off: Top Analyst
The post Every Time Dogecoin Forms This Pattern, Price Takes Off: Top Analyst appeared on BitcoinEthereumNews.com. Dogecoin price could take off from its current position, as a top analyst identifies a historically bullish pattern on the daily timeframe. Dogecoin (DOGE), the largest meme coin by market capitalization, has endured a period of negative price trend since the start of the year, mirroring the broader altcoin market’s underperformance. For context, the meme coin is down 42% year-to-date and 75% away from its all-time high. Bullish Trends Underway? Notably, the last three weeks have been positive for Dogecoin. It has rebounded 19% from $0.1514 in mid-June and is on course for its third consecutive weekly uptrend. This week alone, DOGE is up 5%, sparking a meme coin revival. – Advertisement – Meanwhile, further bullish developments are emerging from the DOGE/USD chart, according to prominent analyst Ali Martinez, who shared this in a recent commentary. He noted that a bullish pattern has emerged, with a history of price takeoffs for Dogecoin. Specifically, he noted that DOGE is trending within a parallel channel and currently sits at its bottom. The channel has two partitions, one at the lower resistance around June’s high of $0.20, and the other at the higher resistance at May’s high of $0.25. Dogecoin Parallel Channel Citing the historically bullish nature of this price formation, he predicted that Dogecoin could rally extensively from here to two targets. First, he suggests a retest of the lower resistance at $0.20, an area that DOGE has seen multiple rejections this year. For perspective, DOGE faced a massive supply wall around the $0.2 region on March 26, from where it retraced to April’s low of $0.129. The resistance level also prevented further upside on April 26 and most recently on June 11. If DOGE successfully reclaims the $0.20 price mark, it will target the $0.25 resistance. Dogecoin faced a dual rejection…
The post Every Time Dogecoin Forms This Pattern, Price Takes Off: Top Analyst appeared on BitcoinEthereumNews.com.
Dogecoin price could take off from its current position, as a top analyst identifies a historically bullish pattern on the daily timeframe. Dogecoin (DOGE), the largest meme coin by market capitalization, has endured a period of negative price trend since the start of the year, mirroring the broader altcoin market’s underperformance. For context, the meme coin is down 42% year-to-date and 75% away from its all-time high. Bullish Trends Underway? Notably, the last three weeks have been positive for Dogecoin. It has rebounded 19% from $0.1514 in mid-June and is on course for its third consecutive weekly uptrend. This week alone, DOGE is up 5%, sparking a meme coin revival. – Advertisement – Meanwhile, further bullish developments are emerging from the DOGE/USD chart, according to prominent analyst Ali Martinez, who shared this in a recent commentary. He noted that a bullish pattern has emerged, with a history of price takeoffs for Dogecoin. Specifically, he noted that DOGE is trending within a parallel channel and currently sits at its bottom. The channel has two partitions, one at the lower resistance around June’s high of $0.20, and the other at the higher resistance at May’s high of $0.25. Dogecoin Parallel Channel Citing the historically bullish nature of this price formation, he predicted that Dogecoin could rally extensively from here to two targets. First, he suggests a retest of the lower resistance at $0.20, an area that DOGE has seen multiple rejections this year. For perspective, DOGE faced a massive supply wall around the $0.2 region on March 26, from where it retraced to April’s low of $0.129. The resistance level also prevented further upside on April 26 and most recently on June 11. If DOGE successfully reclaims the $0.20 price mark, it will target the $0.25 resistance. Dogecoin faced a dual rejection…
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