Table of Contents
The dogcoin price retreated in a technical bear market this month after falling 23% from its highest point.
Summary
- The dogcoin value has crashed in a bear market. Running Crypto Recession.
- It has formed a very fast golden cross pattern on the daily chart.
- There is increasing possibilities that the second will soon appear Doge ETFS this year.
Dogecoin (DOGE) still fell at a low of $, there are three possible reasons that the DOGE price will be ready soon:
- The DOGECoin price has formed a golden cross pattern.
- Spot Dog ETF approval hopes.
- Potential Crypto Bazaar Rali.
The price of dogcoin has been strong technology
The first reason is that the price of Dogi may soon change that it has formed a highly threatening golden cross pattern on the daily chart. This pattern occurs when the 50-day moving average is above the 200-day moving average.
A Golden Cross often reverse for a long time. For example, Dogi formed a Golden Cross in October last year and then up more than 270% after shortly after.
The DOGECoin price formed a double-bottom pattern at $ 0.1467 and a neckline at $ 0.2596, its highest point in May. The distance between the neckline and double-bottom pattern is 44%. It gives a target of $ 0.3763 by measuring the same distance from the neckline.
The price of Dogi is also in the second phase of Elot. This corrective relaxation is followed by thread forest, which is usually the longest of bullying and cycle.
Rising Dog ETF approval obstacles
Other main reasons why the price of dogcaoin may increase soon, it is likely to increase the Securities and Exchange Commission will approve a spot dog ETF this year. That this approval would have increased by 75%.
Companies such as Grassscale, Bitwaiz, Rex shares, and 21Shares have filed for a DOGE ETF with the first. Approval possibilities are high as there is a proof-off-work coin such as Dogicine bitcoin (BTC) and atherium.
The possibility of an approval will lead to more flow, as BTC and ETH have experienced. Bitcoin ETF inflow has jumped close to $ 56 billion, which is close to $ 10 billion in the atherium.
Potential crypto market rally
The dogcoin value will probably be rebound due to the powerful crypto market rally that bitcoin value has formed a rapid penette pattern on the daily chart. This pattern suggests a final rebound, which would prefer to lead a moving between ultcoin such as dogin and pepes.
