DogeCoin is showing a strong signal of a market revival, with an investment price indicated price movements and technical indicators. For technical analysis, Dogecoin’s recent price action has opened a route for $ 1 which is visible from investment when fulfilling certain conditions.
In particular, the technical analysis by the crypto analyzer MBTRADER on the tradingview platform prepares a fast setum formed on the 3-day candlestick chart.
Dowetrend Channel Breakout and Retest complete
As shown in the 3-day candlestick price chart below, which was interested by MBTRADER, Dogecoin broke over a descending parallel channel on 15 July. Changes in the structure of the market from a constant sales phase from a channel to the expansion phase.
However, after exiting the channel in mid -July, Dogcoin shut down an improvement path on July 21, which showed that it again reads the trendline above the descending channel. Not by analyst, this motor allowed dogcoin to successfully maintain the breakout zone, which is a motor that sees as confirmation that bulls have gained control.
No, 0.61 Fibonacci retracement level appears as a major point where the price action of dogcoin eventually finally finally received strong support. The support was around $ 0.188 value on 2 August, where it jumped upwards and after that the three bullish 3-day candidates were severely closed. MBTRADER interpreted these candidates as a healthy sign, suggesting that over-alveraged positions have already been excluded, and the price action of dogcoin is now in a thick position for a string.
Dogcoin will reach $ 1 when this happens
Now that Dogcoin has jumped from its descending trendline, Elist has exposed some targets on the way to $ 1. The first price target is $ 0.32, which aligns with 0.236 fibonacie resistance and is active as a string support learning 2024. Support-resistance status.
One of the most important comments in alisis is the $ 0.40 resistance level, marked on the chart with a major red horizontal area. Account to MMBTTRADER, a clean brake above $ 0.40 is called “extremely fast” phase.
$ 0.40 will unlock a breakout upside potential and will push Dogocine to new price areas above $ 0.73 above its current all-time high. In particular, the projection is a step of $ 0.75 and the most cover $ 1 price level.
At the time of writing, Dogecoin is trading at $ 0.2355, 6.2% and 17.7% in the last 24 hours and seven days, responsible. The most important thing for the speed of speed is to hold at $ 0.216 above 0.5 FIB levels.
Specially displayed image from UNSPLASH, chart from tradingview
