Crypto Analyst Tradingshot has identified a model on the Doge graphic which shows why a rebound greater than $ 0.3 is expected for the Dogecoin price. This offers a certain optimism concerning the main piece of memes, which was one of the most affected by the recent decreased trend in the cryptography market.
The formation of “canal below” shows why the price of dogecoin could bounce over $ 0.3
In a TradingView PostTRADINGSHOT has highlighted a “canal” training, which showed that the Dogecoin price could bounce over $ 0.3. The analyst explained that Doge is negotiated in a channel of 2 months, which, on a scale, can be a Bull flag For this bull cycle. He added that, whatever the period, the Doge price was sold aggressively and hit its mobile average (MA) for the first time since October 25, 2024.
On the other hand, TradingShot pointed out that if this model is only a 1 day decreased, then the bottom that the price of dogecoin recorded on Monday is technically a background on the lower trend line of the stockings of pattern. He noted that the previous one, recorded on December 20, 2024, rebounded to almost 0.786 Fibonacci trace level.
In accordance with this, with Doge in Oversold Territory, the Crypto analyst said that he expects the new bullish leg for the target dogecoin price 0.3800 $, just below the fiber level of 0.786 . This offers a certain optimism concerning the most important piece of the same, which recorded a drop of 40% and dropped to $ 0.20 after the wave of sales in the cryptography market During the weekend.
The Dogecoin Prize has since recovered after break on prices by the United States, Mexico and Canada. However, the first same corner remains below the psychological price level of $ 0.30. A rebound above this price level could again put Doge in a bullish territory and lead to a continuation of his Bull Run.
Doge should start its next step soon
In a post X, crypto analyst Kevin capital said the Dogecoin price should start the next step in its Taureau race early. This came by believing that Doge had just finished the second major correction in its bull cycle. The analyst noted that this price action is very similar to the last cycle, even with the drop in terms of percentage.
Kevin Capital said that if everything was going well with the Bitcoin priceThe Dogecoin price should soon start its next step. The Crypto analyst, the Tardigrade trader, revealed that the MacD of Dogecoin signals a bullish crossing on the 4 hour table. He added that Doge was taking momentum upwards and could be reversed again in a bull.
When writing data from CoinMarketCap.
Adobe Stock star image, tradingView.com graphic