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After temporarily decreased by Dogecoin by more than 22 % yesterday, amid rumors of “Black Friday”, the price has since been able to recover at least some of its losses. However, Dog has still decreased about 11 % since the beginning of the week. This has put the price of Dogecoin in a difficult position.
Dogecoin DIVs forms
Dogecoin violated a decisive upward support line before recovering quickly, a behavior that analyzes Kevin (Kev_capital_ta)) Describe As a test “Lines in the Sand” for this continuous bull market structure.
Related reading: Dogecoin 20 % disruption, but “Bull Line” signals hope in Hodles
The joint Kevin scheme indicates that DOGE has temporarily decreased to the bottom of the rising pink trend line that has been present since mid -2013, however he managed to close the daily candle over this historically important support around approximately $ 0.049 to approximately 0.738 dollars.
The analyst notes that, despite a break during the day, Dog's recovery formed what he calls a “clean, clean difference” in the daily time frame, with reference to the relative strength index that began to climb even with a slightly low price. This development is likened to a similar difference that reveals the Bitcoin scheme, indicating that the Dogecoin momentum may settle after a series of declines drawn from the $ 0.48 high group in early December of last year.
Doug is still in the direction of ascending
Charting Guy (ChartingGuy) was weight separately, highlighting that Dogecoin arrived again in the weekly EMA weekly-a sign of an important trend hovering in the mid-$ 0.13 range-and that its general structure still shows “higher levels and higher degree” when displayed on a wider period of time.
The published graph also features a Fibonacci analysis that shows that Dog can be closed above the level of 0.382 FIB, which enhances the idea that Duji's ability to keep more than $ 0.15 can be a basic measure of the upward continuation. However, failure to maintain this level would risk a review of the deepest Fibonacci support levels, including 23.6 % decline near $ 0.09 or even 13.6 % about $ 0.07.
Related reading
In the upward direction, traders may look at potential resistance areas in the middle of $ 0.20, which is lined with the spread of Fibonacci by 61.8 % in about $ 0.2671, and $ 0.30 to $ 0.40 to $ 0.40 linked to deep retreat areas of up to 78.6 %.
The graphic observer also notes that re -testing the previous highlands exceeding $ 0.40 would be in line with a batch of about 88.8 % Fibonacci near $ 0.56, although the market participants remain careful amid wider fluctuation that is brought to the market by US President Donald Trump.
At the time of the press, Dog was traded at $ 0.149.
Distinctive image created with Dall.e, Chart from TradingView.com
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