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The Dogecoin prize is again at the critical point after re-testing the Mutli year Trendline. According to two chartists, the popular meme -inspired token can be about to be about a large outbreak. Crypto Balo (@btcbalo) and Cas Abbé (@Cas_ABBE) both shared technical graphs that suggest a new leg for doge, that emphasize specific price thresholds, Fibonacci retracement levels and a recently attached bullish pattern.
Dogecoin never less than $ 0.15?
On the three -day Doge/USDT graph published by Balo, Elliott Wave Markers (labeled (1) to (5) and A – B – C), indicate that the market has completed a corrective phase near the $ 0.15 area. This conclusion is based on a cluster of technical signals, including a strong support zone and visible convergence in trade volume. According to Balo, the final wave of the wider correction seems to have ended in the low teenagers, who, according to him, has solidified into an important bending point.
Balo pulls Special attention for different Fibonacci levels on his graph. He notes that $ 0.2350 corresponds to the 0.618 Fibonacci racement, while $ 0.1671 marks the critical 0.786 retracement. According to him, a persistent price above the suspicion of 0.786 is essential for maintaining the Bullish Momentum of Dogecoin. Balo also refers to the 1.0 racement at $ 0.0805 and labels it as a large cycle of previous years, but emphasizes that Doge has not revised that level for a considerable period.
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Based on these observed price structures, Balo expects Dogecoin to move sideways for a short period to collect Momentum. He underlines a likely doubling of the price before Doge encounters his “next major resistance” in the vicinity of $ 0.3552 – $ 0.36. In his words: “Doge looks like a soil for me. Could go a bit sideways to build Momentum, but we should be good for a 2x from here for the next big resistance. As soon as we win back $ 0.36, we can talk about new Aths again.”
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Thus he identifies $ 0.36 as the bending point that could pave the way to reclaim historical highlights above $ 0.76, but emphasizes that he first wants to see a decisive break above this resistance. Until that time he sees $ 0.15 as a robust support floor and he maintains the confidence that the price action of Doge can simulate his bullish structure from September 2024.
Doge’s falling wig outerbraak
Cas Abbé’s shorter term analysis, set -out On a four -hour map, refers to a classic falling wedge formation. After a decisive movement beyond the top trendline of De Wig, Abbé suggests that buyers have taken the initiative to reverse the earlier Downtrend.
An important factor in the assessment of ABBé is the Release Strength Index (RSI). He notes that the RSI fell briefly in the sold -off territory – a performance often considered a reliable indicator that has reached the sales pressure extremely. Since then, the RSI has returned to the reach of Lage 50S, which indicates the possibility of renewed bullish momentum. With reference to these technical developments, Abbé says: “Doge -falling wedge outer. 4H RSI came in the sold -up zone, which is a clear soil signal. If BTC does not lose its momentum, Doge could collect to $ 0.22 – $ 0.25 in the coming weeks.”
At the time of the press, Doge acted at $ 0.17.
Featured image made with dall.e, graph of tradingview.com
Credit : www.newsbtc.com
