Dogecoin has changed its trend,
Broke out of the 50-day bearish pattern – Is new bullishness on the way??
Dogecoin recently broke the 50-day bearish trend, indicating an emerging bullish trend, which is increasing expectations for potential gains in this cryptocurrency.
Despite the overall bearish trend in the market, Dogecoin has temporarily shown recovery above the price of $0.16, which has created possibilities for an increase in its price.
Experienced analyst 'Trader Tardigrade' noted in a post that Dogecoin has signaled a new bullish indication by breaking a strong bearish trend line that had been established for the past 50 days.
This technical breakout indicates the end of bearish pressure and could increase investor interest.
According to trader Tardigrade, a new higher low (HL) and higher high (HH) have been observed in the Dogecoin chart's current microstructure, indicating a trend change.
If a second higher low appears, it will confirm a complete trend from bearish to bullish.
Furthermore, Dogecoin's Average Directional Index (ADX) is giving a significant signal on the weekly chart, which has appeared before every major bull run in the past, as seen in 2017 and 2020.
Based on this, it is expected that Dogecoin could reach a price of $14 by 2026.
Technical expert Ali Martinez has identified $0.17 as a key resistance level for Dogecoin, which, if surpassed, could allow the cryptocurrency to reach $0.21; the 3-day chart's Tom DeMark Sequential has given a buy signal, indicating an upcoming rally.
If Dogecoin recovers at this level, it could pave the way for bullishness.
Overall, Dogecoin has technically shown a strong breakout by exiting the 50-day bearish trend, which could be the beginning of a significant bullish phase.
However, further confirmation is necessary with more technical signals so that investors can better gauge whether this cryptocurrency will head towards a new record or not....
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This is news, this is an analysis,
$Dog could be wrong and could be right!
Therefore, remember that this is not financial advice.
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