Dogcoin has witnessed a remarkable decrease of 11.8% and 20% during the past 24 hours and seven days, respectively, and can re -test the support at the price of $ 0.30 soon. Despite this decrease, Trader Tardigrade, a known technical analyst on the social media platform X, managed to notice a The formation of a similar triangle On DOGE Daily Snunal Planner. Often this classic artistic style a Introduction to large pricesThe penetration may resume the upper direction.
Dogkin is a similar triangle
According to For Trader Tardigrade, it seems that Dogecoin has been circulated in a similar triangle during the past seven days. The formation of the similar triangle arose as a result of Dogin’s price correction, Which started after reaching $ 0.43 on January 18.
According to the daily candle scheme, the majority of candles have been within the borders of this triangle since January 20. The first two days of forming the form saw some of the fissures temporarily penetrated over the upper trend line, but the price of Dogecoin quickly fell back to the pattern. Since then, the price has shown a series of low daily altitudes and high daily bottoms, a behavior that indicates a decline in the pressure and balance between buyers and sellers.
The price movement was able to pay towards the top of the triangle, and the Tardigrade trader indicates that the penetration may be in the interest of the speculators on the height, which drives the price significantly.
What happens if Doge comes out of the triangle?
If Dogecoin is able to penetrate over the upper trend line of the symmetrical triangle, this may indicate the resumption of the upward trend. Tardigrade traded that this penetration may lead to Dogecoin’s arrival at a target price of at least $ 0.45.
However, instead of moving up, Dogecoin did so Recently broken below The lower trend line of the similar triangle, which turns its path down to support at $ 0.31. This level has proven that it is an important liquidity area for 30 days. In fact, $ 0.31 was a reliable support point, with DOGECOIN recovery of this price three times during the recent declines. The most prominent recovery occurred on January 13, when Dogcoin wore a level of $ 0.31 and then rose up, eventually reached the highest level at $ 0.4318.
Now, the next step is whether Doge can repeat this style or not Refresh again At $ 0.31. The successful bounce at this critical support level will indicate that buyers intervene to defense and give Dogecoin the strength you need to resume its upward path. If the apostasy gains enough momentum, it may restore confidence in the upper view of DOGE and pave the way for a renewed attempt to break the target price at $ 0.45. Until then, $ 0.31 It remains a major level of viewing Where the MIM coin tests the intention of buyers.
Distinctive image from UNSPLASH, scheme from TradingView.com
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