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Dogecoin changed hands nearly $ 0.174 in European trade Thursday, extending a two-day rebound that started when buyers defended the prosecution twice in mid-June around $ 0.16. The recovery of 11% from the bottom of Tuesday put the greatest same to the traders’ radars, but the technical analyst more crypto online contenders than what looks like an impulsive burst is in fact “corrective nature”, the market always trapped inside a complex diagonal wave pattern which could just as easily fail.
Dogecoin winds quietly for a potential escape
In a video update recorded on June 2, the analyst dissected the one hour table and concluded that the advance of June 22 Low is better considered as a three wave movement. “Because the wave 1 … was only a three wave movement, the third wave should take place as a ABC structure,” he said, stressing that the rally does not have five waves of a trend reversal. Even if, as long as Dogecoin defends what he called a “micro -support area between $ 0.16 and $ 0.166”, the diagonal remains valid and a target measured at $ 0.196 – the extension of Fibonacci at 138% of the 1 – “remains plausible”.
The roadmap is conditional. First of all, the current wave must finish; Then, a corrective B wave should follow, “and in wave C, we were then able to reach around $ 0.196.” A probe to $ 0.182 before that decline cannot be excluded, but the analyst warned viewers not to assume a straight shot above. “Know that we could face very agitated and disorderly structures,” he said.
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If the bulls force a complete rise of five waves from the bottom of July, this sequence will mark the first stage of a greater advance of five waves – a manual signal that the wider trend of the Pic de Mars de Dogecoin could finally be exhausted. The failure to hold $ 0.16, however, would invalidate the number of diagonals and Expose the bottom of June Almost 0.151 $ 0.151, where data on the chain show a thin layer of occasional offers and little derivative support.
The market context is mixed. Coindecko data show that Dogecoin’s turnover exceeded $ 1.5 billion, almost in accordance with last week’s average, while the same, the same with Bitcoin has weakened at 0.62, its lowest reading since early May.
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In the short term, however, all eyes are on the $ 0.16 strip. As more online crypto summed up, “the diagonal model remains essentially plausible as long as we hold this level of $ 0.16”. If the floor survives the inevitable B waves turbulence, the “silent configuration” of Dogecoin could indeed explode shortly – guaranteeing the token to $ 0.196 and potentially signaling a more durable change of trend.
In particular, the upper limit of the longtime descending channel of Dogecoin in the daily graphic, now located nearly $ 0.20, aligns almost exactly with more optimistic target of an online crypto. A decisive escape through this confluence not only would receive the ceiling which capped the prices from the summit of December 8 at $ 0.4843, but could also validate the analyst’s call for a Inversion of trends.
At the time of the press, DOGE exchanged $ 0.174.
Star image created with dall.e, tradingView.com graphic
