Dogecoin (DOGE) appears to have found support after a recent downturn, exhibiting a pattern reminiscent of its 2024 October rally. Technical analyst Astronomer, based on two-day price charts, believes the cryptocurrency has bottomed out. Key indicators, including a sustained uptrend and a noticeable demand zone, suggest potential for further price appreciation. However, significant upside remains before reaching projected targets.
Dogecoin (DOGE) has seemingly found a bottom, according to independent market technical analyst Astronomer. Analyzing the two-day candlestick chart, Astronomer notes a return to a familiar price action pattern, mirroring the accumulation phase seen five times before the 2024 autumn surge. This accumulation phase is characterized by a series of candlesticks forming a light purple demand zone, originating from a price of $0.12 and peaking just below $0.15. Crucially, every test of this support level has been absorbed, leading to consecutive days of closing highs.
"Well, DOGE is just slightly rebounding from the bottom," Astronomer writes, "So if it's to reach the high point, there are still more than 6R of trading opportunities." This analysis suggests that, while a recovery is underway, substantial price appreciation is still possible.
A key technical indicator highlighted by the analyst is the black line drawn at $0.18210. This represents the first clear retracement point in DOGE's current price action. The fact that the price opened below this level on Sunday (at $0.18141) and continues to trade above, reinforces the perceived bottoming signal.
The current upward trajectory, combined with the consolidation within the established demand zone, provides a bullish technical outlook for DOGE. While the price has rebounded, the analyst emphasizes that further growth is still anticipated before reaching target levels. The analyst is particularly bullish on the potential for more significant gains, suggesting that the current upward momentum could lead to several more substantial price increases (6R, or roughly 6 times the initial uptrend).
Technical Considerations:
The resemblance of the current price action to the accumulation phase prior to the 2024 October rally is a key bullish signal. The continuous absorption of price dips at the support level (approximately $0.12-$0.15) further strengthens the bottoming hypothesis. The $0.18210 retracement level is a crucial point to watch as it signals potential resistance, but also highlights the ongoing upward trend.
Conclusion:
While the recent price movement of Dogecoin has been positive, further upside potential remains according to technical analysis. The persistent demand zone and the resemblance to prior bullish patterns suggest a potential for sustained growth. However, investors should remain cautious and closely monitor price action for any signs of reversal. This analysis, while bullish, should not be considered financial advice, and further research and due diligence are crucial before any investment decisions.
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