Pattern Suggests Dogecoin May Lead Crypto Market This Month
The technical analysis of Dogecoin price shows that coins may be over the market this month. In particular, the technical analysis of Dogecoin/Bitcoin pairs show that the interesting bullish mode has just appeared May send dogs Create a huge journey to watch candles and a strong upward trend throughout the month.
Double -bottom map: Dog and dog coin’s bullish settings
Dogecoin’s price action has already been Damage due to decline In the past seven days. This significant price decline has re -tested the price of $ 0.3 again and threatened to violate the disadvantages. It has Only two days By February with the dog price Already dropped The monthly opening time is about 7 %. Nevertheless, technical analysis shows that this month, DOGE may actually exceed all other cryptocurrencies.
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The positive prospects of dog coins Reveal An interesting analysis of encrypted analyst Trader TARDIGRADE. What makes this analysis particularly interesting is that it not only isolate the price action of Dogecoin, but also considers its performance on Bitcoin.
Trader TARDIGRADE emphasizes the formation of double -bottom necklines on the Doge/BTC chart, which indicates that Dogecoin has established a strong foundation for potential breakthroughs. The dual bottom is the setting of the bullish, indicating that the reversal from the decline to the upsurge, and it means that the level of support at the double bottom point is strong.
For the DOGE/BTC pair, the dual bottom has formed a monthly candlestick time range. Trader TARDIGRADE compared this structure with the price behavior of Dogecoin in March 2021. At that time, similar settings were before explosive rally. In that cycle, Dogecoin gained huge motivation in Bitcoin’s game. After receiving a strong support at the neckline, a huge green candle was printed in April.
If history is repeated, Dogecoin may be in Another impressive edge, This month may exceed other cryptocurrencies in the market. According to Trader Tardigrade’s forecast, by the end of February, the transaction price of Doge/BTC may be $ 0.002,200. If Bitcoin will maintain $ 100,000 at the current average price, this will make the Dogecoin price of about $ 2.2 By the end of this month.
image From x: Trader Tardigrade
Look at the divergence of daily RSI hints to move momentum
In addition to the monthly chart settings, Trader TARDIGRADE also pointed out that the daily relative strength index (RSI) of Dogecoin has formed a difference in bullish. He pointed out in the analysis that although DOGE has created a new lower price, RSI has printed higher low prices. This difference marks the potential change of momentum, indicating that the sales pressure may be declining and may be rising.
RSI differences are usually before the trend reverses, and in the case of Dogecoin, the low point of RSI indicates Buyers can restore control Although the price has recently declined, it is soon.
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When it comes to the decline in prices, Dogecoin has fallen by 6.7 % and 14.3 % in the past 24 hours. When writing, Dogecoin’s transaction price is $ 0.2922.
Charts from Getty Images, Charts of TradingView
