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An analyst explained how Dogecoin might have to maintain hard above this level, if the same must avoid a price drop of 30%.
Dogecoin is currently negotiated in a symmetrical triangle
In a new job On X, analyst Ali Martinez shared a graphic that shows where Dogoin is currently from a Technical analysis (TA) perspective. You will find below the graphic in question, showing the price trend for a day of the same.
From the table, it is visible that the price of the Dogecoin may have possibly exchanged in a triangular channel in recent months. The canal also does not seem to be a triangle in the shape of a triangle, but a special type called the Symmetrical triangle.
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A symmetrical triangle forms each time an asset observes the consolidation between two lines of trend converging on a slope almost equal and opposite. The upper line of the pattern follows the lower price of the price, and the lower lower.
When the asset moves inside this channel, its range becomes narrower over time, until it shrinks at a point in the apex. Generally, volatile movements are more likely to occur when consolidation is tightened, so that a rupture of the model becomes more and more likely as the price approaches the tip of the triangle
Triangle symmetrical eruptions can point out a continuation of the trend in the direction of the rupture. This means that a climb above the pattern can be a bull sign, while a drop below can be a lower.
As displayed in the graph, the price of a Dogecoin day recently approached from the end of the triangle, a potential sign that an break could be imminent. Currently, the memecoin retains the lower line, so it will be interesting to see if the level is valid or if it is there that a break would finally occur.
Unlike ascending and descendants triangles, two other popular types of triangular channels in TA, eruptions are generally considered to be also probable in both directions for a symmetrical triangle. The reason is simple: consolidation occurs exactly lateral in this model. On the other hand, the ascending and descendant types hang upwards and down, respectively, which can bias the management of rupture.
Thus, even if Dogecoin retains the lower level at the moment, a rebound then a rupture of the upper line can also be quite possible. That said, in the event that a downstream break takes place, things can be particularly disturbing for Doge, because there is another level of importance just nearby.
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The level in question, located around $ 0.168, corresponds to 0.786 Fibonacci catches level. Fibonacci trace levels are defined using reports found in the famous Fibonacci series. “Dogecoin $ Doge must maintain more than $ 0.168 to avoid a price drop of 30%!” warns the analyst.
Mediating prices
At the time of writing the editorial staff, Dogecoin is negotiated about $ 0.177, down more than 4% last week.
Dall-e star image, tradingView.com graphics
