Dogecoin, the original part of memes, faces a potential drop before a significant increase up, according to the analyst of the Exocet market.
In a recent tradingview ideaThe analyst has identified a corner model that falls on the DOGE daily graph, signaling a bullish continuation but with a short -term correction on the horizon. This configuration, alongside the broader uncertainty of the market, suggests that traders may need to prepare for a temporary drop before the room is launching in its next major rally.
Dogecoin forms a corner that falls
The graph reveals an escape from Dogecoin last November, which propelled the price to a peak over three years of $ 0.48 in December, an increase of 269% compared to the brand of $ 0.13 supplied by a high negotiation volume and Market -scale optimism. However, this gathering encountered resistance, the new year introducing a net correction at $ 0.1961 on Wednesday, February 26.
This correction led to the formation of A falling corner, a model with convergent tendencies downwards which often precede a bull movement towards an upward trend. Trading currently at $ 0.2109, Dogecoin is still in this drop.
Exocet noted that the corner of the fall is a critical structure, the higher trend line connecting the summits less than $ 0.4340, $ 0.2867 and potentially $ 0.2287. In addition, the lower trend line seems to be linked $ 0.32 stockings and the recent brand of $ 0.1961.
Doge could fall further
In particular, the DOGE The price currently oscillates near the middle of this corner after having bounced from the lower trend line, indicating the support of buyers at this level. However, Exocet warned that the wider market of cryptography may not have reached its substance, which could delay the break from Dogecoin.
The analyst predicts that Mastiff I will soon test the upper corner trend line, positioned around $ 0.2350, an important level of resistance to monitor. A rejection at this stage appears likely, potentially bringing the price back to a provisional baccalaureate nearly $ 0.1750, near the recent bottom.
This withdrawal aligns on the lower trend line of the corner, presenting a potential point of entry for those who seek to capitalize on the expected recovery. Exocet stressed that investors should monitor $ 0,2,350 for signs of an escape, but advise the patience of a possible drop to $ 0.1750 if the price is not breaking.
Breakout targets $ 0.5434
If Dogecoin surmounts the barrier of $ 0,2350 with a high volume, the corner model of the fall could lead to a substantial advantage. The corner height, measured from the peak of $ 0.4843 at the bottom of $ 0.17590, extends over $ 0.3084. Adding to the breakdown of $ 0,2350 provides a target of around $ 0.5434.
However, this bullish scenario is based on favorable market conditions, as external factors, such as Bitcoin recovery, will play a major role in Dogecoin’s ability to maintain an escape. The volume of trading in the corner has decreased, a typical consolidation sign, but a tip will confirm a break if it occurs.
Meanwhile, the Ninedragonsventure analysis resource suggested This Dogecoin to the current position presents an attractive risk / reward ratio. According to them, the BTC falling at the lower end of the $ 80,000 mark, investors move from capital to altcoins like Dogecoin.
Interestingly, they maintained that attractive opportunities like what Dogecoin presents currently appears once a month. From the current area, the analytical platform sets the first profit target at $ 0.3,1249 and the second target at $ 0.41533.
Difles: This content is informative and should not be considered financial advice. The opinions expressed in this article may include the author’s personal opinions and do not reflect the basic opinion of cryptography. Readers are encouraged to do in -depth research before making investment decisions. The Crypto Basic is not responsible for financial losses.