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Dogecoin’s price is Enter a new bullish phase after Months of deterioration. Technical analysis of the daily candlesticking time frame graph shows that the popular Meme Cryptocurrency is flashing a trend removal, points to an important shift from BEARISH to Bullish Momentum.
Analysts Flags Daily trend in Dogecoin graphics
A prominent crypto analyst that is known as trader has a tardigrade emphasized one Confirmed trend removal for Dogecoin. In a message on X (formerly Twitter) this week he pointed out that Doge’s Daily Chart has turned from a downward trend to an uptrend. This claim is reinforced by a technical analysis of the Dogecoin price action.
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The price of Dogecoin recently broke above a falling trendline that the downward trend had defined for several weeks. This outbreak took place on April 22, when Dogecoin closed above $ 0.165 on daily candlesticks. This breakout was the first step that indicates that the currency escaped its bearish process.
Shortly after breaking the downward sloping resistance line, the Dogecoin price withdrew between April 23 and April 24 to re -test the same trend line, but this time from above. It is important that the former resistance trend line was kept strong as a new level of support during the retest. After that successful test, Dogecoin resumed its upward climb, so that the continuation of the new upward trend was marked.
This pattern of Breakout, retest, continuation is a traditional technical confirmation of a trend removal. The successful retest of this trendline gives more confidence that the Bullish Shift is real and not a false signal.
Image From X: Trader Tardigrade
Bullish Target: $ 0.25 early May
With the daily trend that now points up, the focus is now on how far this new upward trend Dogecoin could wear. According to the analysis of the Tardigrade trader, Dogecoin could continue to climb in the coming days, which may cause the quarter of an hour marking to cross very quickly. As indicated on the graph he shared by trader Tardigrade, the next price objective Dogecoin is around $ 0.25 in the first week of May.
If reached, an increase of up to $ 0.25 would be an important milestone, Given that Dogecoin has Be stuck in a falling trend for more than 10 weeks. As such, a break up to $ 0.25 would mark the highest price of Dogecoin since the end of February and a robust recovery of its recent low points around the range from $ 0.14 to $ 0.15. Such a movement would also be about a 51% profit compared to the breakout level of $ 0.165.
However, $ 0.25 is only the target in the short term. In A separate analysisBe trader Tardigrade on the long -term graph of Dogecoin, with the attention of a round soil formation. The corresponding graph shows that the price of Dogecoin in earlier cycles was a rounded soil before he introduced explosive upward trends. This repeated pattern, now visible on the monthly time frame, indicates that Dogecoin may be about to be about to another important outbreak. The Long -term price objective In this case is $ 2.8.
Image From X: Trader Tardigrade
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At the time of writing, Dogecoin acts at $ 0.18.
Featured image of Unsplash, graph of TradingView
Credit : www.newsbtc.com
