Dogecoin Has Formed A Bullish Reversal Pattern, What’s Next?
2022年6月28日 - 10:00AM
NEWSBTC
Dogecoin’s price has been optimistic over the last week. The coin
secured double digit gains over the last seven days, it rose by
nearly 20%. The meme-coin has been experiencing rigid resistance at
the $0.07 level and if it trades around the current price level, it
could fall to its next support line of $0.05. The bulls have tried
to show signs of recovery as the coin tried to move upwards slowly
over the past few days. On the shorter time frame, DOGE has lost
some of its market value. Over the last 24 hours, Dogecoin
depreciated by 4%. Technical outlook for the coin has also depicted
some bullishness as the coin went north by almost 20%. Buying
strength also recovered over the last week, but as the meme-coin
depicted some bearishness over the shorter time frame, currently
sellers are more in number. Even though on the four-hour chart DOGE
depicted negative price movement, the coin has displayed a bullish
reversal pattern. The global cryptocurrency market cap today is
$979 Billion with a 2.9% fall in the last 24 hours. Dogecoin Price
Analysis: One Day Chart DOGE was priced at $0.072 on the one hour
chart. The coin has been stuck at the same resistance level for a
couple of weeks now. A fall from the current price level will push
Dogecoin to $0.060, failing to stay above which the coin can
attempt to trade at $0.047. Overhead resistance for the coin stood
at $0.08 and then at $0.09. On a relatively longer time frame, the
coin has formed a bullish reversal pattern. The pattern is called
the BARR Bottom pattern. The BARR Bottom pattern is referred to as
a bump-and-run reversal bottom pattern. This technical pattern is
tied to an extended trend reversal in an ongoing bear market. The
pattern is characterised by three phases which are the Lead-In
phase, Bump and finally the Run phase. At the current moment,
Dogecoin was in the bump phase which will be followed by the run
phase that will overturn the bearish price action. If this happens
the coin could touch the $0.090 and then the $0.011 level. Volume
of Dogecoin traded fell indicating that the buying strength has
fallen on the chart. Technical Analysis DOGE was inclining towards
a bearish price action. It even formed a rising wedge pattern on
the four hour chart. The Relative Strength Index also depicted a
downtick signifying that buyers were fading out of the market. A
rising wedge pattern is tied to a bearish price signal. It could be
possible that over the immediate trading sessions DOGE might
register some bearishness. On the longer time frame, the coin could
recover. On the 20-SMA indicator, the coin was above the 20-SMA
line. This indicated that despite falling buying pressure, buyers
were still driving the price momentum. Related Reading | TA:
Ethereum Bulls In Control, Why ETH Could Clear $1,300 In consonance
with the technical outlook on the four-hour chart, the coin
registered a sell signal. The Awesome Oscillator which depicts the
price momentum painted a red signal bar. The red signal bar is tied
to a sell signal on the chart. Parabolic SAR indicates the current
trend and also the trend reversals. Dotted lines underneath the
candlesticks are a signal of bearishness on the chart. It could be
so that that the coin might dip over the immediate trading sessions
and then move upwards. Related Reading | Cardano Formed This
Pattern On Its Chart, Where Is The Coin Headed? Featured image from
Unsplash.com, chart from TradingView.com
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