Dogecoin has changed its trend, @DOGECOIN
Broke out of the 50-day bearish pattern – is new bullishness coming??
Dogecoin has recently broken the 50-day bearish trend, indicating a budding bullish signal, which is increasing expectations for potential growth in this cryptocurrency.
Despite the general bearish trend in the market, Dogecoin has temporarily shown recovery above the price of $0.16, which has created the potential for price increase.
Experienced analyst 'Trader Tardigrade' noted in a post that Dogecoin has broken a strong bearish trend line, signaling a new bullish trend that had been established for the past 50 days.
This technical breakout indicates an end to bearish pressure and could increase investor interest.
According to trader Tardigrade, a new higher low (HL) and higher high (HH) has been observed in the current microstructure of Dogecoin's chart, indicating a trend change.
If a second higher low emerges, it will confirm a complete trend change from bearish to bullish.
Furthermore, Dogecoin's Average Directional Index (ADX) is providing a significant signal on the weekly chart, which has previously appeared before every major bull run, 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 significant resistance level for Dogecoin, and upon surpassing this, the cryptocurrency could rise to $0.21; the 3-day 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 from the 50-day bearish trend, which could be the beginning of a major bullish phase.
However, further confirmation through additional technical signals is necessary for investors to better gauge whether this cryptocurrency will head toward a new record or not....
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