Dogecoin has seen recent price movements and Technical indicator suggests Incoming call rally. Technical analysis shows Dogecoin’s recent price action paved the way for $1 It’s becoming more and more noticeable If some conditions are met.
especially, Technical analysis by MMBTTRADER, Crypto Analyst TradingView platform, outlines the bullish setup formed after the decisive Dogecoin price breakout from the long-term downtrend channel of the three-day candlestick chart.
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Downtrend Channel breakout and retest completed
Dogecoin broke on July 15th on a descending parallel channel, as shown in the three-day Candlestick Price Chart that MMBTTRADER was initially sharing. This breakout is important This is because it represents a change in the market structure from sustained sales pressure to the expansion stage from channels that included price action since late 2024.
However, after escaping the channel in mid-July, Dogecoin began its revision pass on July 21st. As analysts pointed out, the move allowed Dogecoin to successfully retest its breakout zone. He considers it to be a confirmation The bull has regained control.
In particular, the 0.61 Fibonacci retracement level appears as a key pivot point where Dogecoin’s price action finally found strong support. The support closed the bullish three-day candle since then, with a price of around $0.188 on August 2nd, when it bounced back upwards. MMBTTrader interprets these candles as healthy signals, suggesting that the overlapping long positions have already been washed away, and Dogecoin’s price action is now in a more stable state, with a strong upward movement.
Dogecoin reaches 1 dollar when this happens
As Dogecoin appears to have bounced back from a retest of a descending trendline, analysts highlighted some targets on the way to $1. The initial price target was $0.32, which coincided with the 0.236 Fibonacci resistance and served as a strong level of support in December 2024. So, violating this level represents a critical break beyond the situation of a switched support tolerance.
One of the most important observations The analysis has a resistance level of $0.40 marked on a chart with a prominent red horizontal zone. According to MMBTTrader, clean breaks above $0.40 shift to what DogeCoin calls the “very bullish” stage.
A breakout above $0.40 unlocks the possibility of upside and pushes DogeCoin to a new price region above $0.73, the highest ever. In particular, the forecast was moved to $0.75. The most cobbeted price level at $1.
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At the time of writing, Dogecoin has traded at $0.2355, up 6.2% and 17.7% over the past 24 hours and seven days, respectively. Most importantly for the current bullish momentum is $0.216 above the 0.5 fib level.
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