Dogecoin Crashes 40%, But This Analyst Sees A Bullish Setup
In the dramatic reversal, the price of Dogecoin (Doge) fell from a price of US $ 0.34 as low as $ 0.20, wiped off nearly 40 % of its value, and then found that the tentative stability was close to $ 0.25 at the time of publication. However, the encrypted analyst “Coosh” Alemzadeh (@Alemzadehc) maintains the long -term prospect of watching a bullish. share Although it has recently turbulent, the weekly threshold/USD chart “DOGE: It looks really good here.”
Why is the dog currency still looking for
New news Trump’s tariffs On Friday, among major trading partners such as China, Mexico and Canada, a shock wave was launched in the financial markets including cryptocurrencies. This news has led to the widespread selling of risk assets. Dogecoin is famous for its high volatility and has been particularly affected. The concerns about the upgrading of the trade war have caused investors’ confidence to suppress confidence and promote many people to clear their position in cryptocurrencies.
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After the tariff was announced, Dogecoin immediately saw an immediately and significant decline in a few hours after the release. On the weekend, the collapse of the cryptocurrency market is part of the larger market response. The main Altcoins such as XRP and Cardano have also undergone dual -digit losses. Entire encryption Market wipe More than 2.2 billion US dollars of cryptocurrency liquidation.
The Alemzadeh chart is drawn within the weekly range, showing the price of Doge initially broke the red trend line in October. This line has served as a key resistance area, which can be traced back to the previous local high, and subsequent affairs will once again bring the market again below the trend line.
At the same time, Dogecoin is still above its 30-week mobile average (30W). The curve is drawn as a pink curve and is currently located in the range of 0.20- $ 0.22. Analysts often regard the average level of the weekly closure as a sign of potential forces, which shows that if the market is steadily higher than the threshold, the DOGE may still maintain its bullish structure.
The chart also highlights a series of Fibonach back and expansion level, and each fiber can insight into potential support and resistance. The forefront is the 0.618 Fibonacci repurchase of about 0.2667 US dollars, which is the key area of wandering now. This level usually attracts the attention of traders, hoping to determine whether the market is a standard call or start to be more corrected.
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The next UP was withdrawn from 0.786, close to $ 0.3467. In addition, the full retreat is about $ 0.4843, marking that a farther target should take back its optimistic motivation. Even on the Alemzadeh chart, even if it is a high expansion name, if the tokens reaches a major breakthrough, the price of 1.27 (1.618) and 2.30 (2.0) is used on the Alemzadeh chart as the assumption target.
Another element is the Elliott Wave mark, which depicts the element that seems to be “1, 2, 3”, followed by the current inclination, which is marked as the wave “4”, close to $ 0.26. In tradition Eliotto TheoryWave four or four usually falls to the 0.236–0.618 area, which is usually falling to the previous wave, so the current price movement of the current price of 0.618 Fibonacci point is very suitable for this model. It should be confirmed that the Wave Four Support will be confirmed. In the next stage (wave 5), the market may be brought back to the previous high, and the main target is $ 1.27. If the emotional return of the bullish bullish may bring the market to $ 1.27 and US $ 1.27 and 2.30 US dollars.
At the time of release, the DOGE transaction price was $ 0.25.
Use the characteristic images created by Dall.e, the chart of tradingView.com
