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DOGE analysis – did the price hit the bottom of the correction? What support must to be maintain?

2 min read

DOGE creates the same reverse short-term pattern as BTC, but even in this case it has not yet been confirmed. Pattern 123 bottom formation is even being formed on long-term key exports. This raises the question of whether the price has reached a long-term bottom. What is needed to so that the price confirms the definitive end of the correction?

The market price urgently needs to be maintained double bottom at points 1 and 3. Bull scenario is when the price exceeds point 2 and at the same time the resistance from the local maximum correction. Both resistances are in approximately the same zone. In such a scenario, we would then target point of control $ 0.21. However, the reversal has not yet been confirmed.

DOGE / USD 4HDOGE / USD 4H. Source: TradingView

DOGE is waiting for the same signal as BTC

If the price ultimately did not maintain points 1 and 3, it would enter the zone without support and would have to look for a new bottom until demand and the offer did not balance. In the long run, the price is shaping the same sideway structure as in March 2021. It is possible that another growing trend will occur, but the price does not indicate a turnover yet.

The current short-term technical analysis is more or less similar to BTC and we are waiting for the same bull signal in both cases. So even here it is true that volumes must be increasing and must support the breakthrough of the trend. Now we just have to wait to see if the price exceeds point 2 at $ 0.183.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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