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This article is also available in Spanish.
Dogecoin/USDT daily published In X by Bitcoinsensus it represents the memecoin enclosed in an upward investment in the textbook that has spent six months in creation.
Dogecoin Breakout in 7 days?
The action of the price that extends from the vertical rally last October to the present has carved a wide line of descending trends that limits each great swing: first the December peak just above $ 0.48, then a second lower reaction in mid -January around $ 0.43 and a third touch 10 days ago at approximately $ 0.26. This line of trends is still intact, but, what is greater, now there is only a few percentage points above the market.
Within that largest trend, Bitcoinsensus highlights an inverted head and shoulders whose left shoulder touched about $ 0.142 in mid -March, whose head extended to approximately $ 0.141 in early April, and whose right shoulder was formed at the beginning of May at approximately $ 0.164. The neckline of that structure is not horizontal; It falls modestly from left to right and intersects the graph marginally above $ 0.185. The analyst marks the daily candle of May 8 with a red circle labeled as “rupture”, indicating that the minimum technical requirement for patterns confirmation has already been met.
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Since that rupture, Dogecoin has returned on what the analyst calls in a healthy way. The setback has so far respected the neckline, transforming it from the resistance to the support of the first layer. The projected path of Bitcoinsensus, drawn blank, foresees an additional immersion that labels the long-term trends line, now that lurks near the area of ​​$ 0.23-0.24, before the impulse turns up. The forecast gives the market a seven -day window to complete that new test and launch a new advance.
“Dogecoin has been slightly delayed in a very healthy way, preparing for the next great break.
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If the line of trend yields, the following test would be a “gray supply zone” in a box between $ 0.42 and $ 0.43, an area that coincides with the January distribution range and the second anchor point of the descending trend line. “The following objective will be the supply zone of around $ 0.42- $ 0.43 in Dux. Wait a quick movement once the outbreak is in full validity,” adds the analyst.
A decisive daily closure inside that band, in classic terms of the graphic theory, would establish the first highest high within an important period since November and open the door to a broader tendencies reversal.
The invalidation remains direct. A daily settlement below the neckline, indeed, the handle of $ 0.185, would deny the inverted head and shoulder structure and leave the minimum of March/April vulnerable. Until then, the technical bias is higher, and the clock in Bitcoinsensus seven days is marking.
At the time of publication, Dege quoted at $ 0.221.
Outstanding image created with Dall.E, Record of TrainingView.com
