Altcoins Price Analysis

Dogecoin price analysis; Crossing $ 0.25 may spark a resumption of the uptrend


The price of the Dogecoin has been fluctuating for some time. According to many experts, this may indicate a decrease in investors’ interest in this digital currency; However, the technical condition of the Dogecoin price promises an upward trend.

to the Report Cryptocurrencies have been pushed to the margins by digital currencies such as Dodge Coin as attention has shifted to Bitcoin and its ETFs.

Dogecoin is currently in the stabilization phase and it is not possible to say with certainty which direction it will take next. In the one-day timeframe, Dogecoin forms a symmetrical triangle. Dogecoin’s lowest peaks have been recorded one after another since April 23. This series of lower peaks forms the chord of the triangle pattern. The $ 0.16 support is also the side of the triangle on the horizontal axis.

Dogecoin, now the 10th largest digital currency on the market, is slowly approaching the end of the triangle, indicating sharp fluctuations in the near future.

Dogecoin price chart
Dogecoin price chart

Increasing upward pressure in this range could push the Dogecoin above the chord line at $ 0.25. If that happens, the Dogecoin could move 78 percent to $ 0.45 with a 78 percent increase; This means a jump equal to the height of the vertical side of the triangle from the point of jump.

Analysts recommend that traders wait for the daily candle above $ 0.25 to close and then take uptrends. If Dogecoin fails to cross this level, there is a possibility of falling to the support of $ 0.17. This has happened many times in recent months.

Reaching $ 0.17 again can be considered an opportunity to buy. However, any sign of weakness at this level may lead to a more severe correction and reach significant $ 0.07 support.

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