Market
DOGE completes correction and prepares for a long-term uptrend
After falling for over two months, Dogecoin (DOGE) is finally showing signs of a possible bullish reversal.
While unconfirmed, this could be the start of a long-term uptrend for DOGE.
DOGE explodes
As of August 16, DOGE has fallen along with a descending resistance line. This is a sign that DOGE is correcting after the previous uptrend.
The token reversed the trend on September 26th and has been moving up since then.
It was initially rejected by both the resistance line and the $ 0.266 resistance area (red icon) on Oct 6. Then on October 18, it broke the falling resistance line. However, it failed to break the $ 0.266 resistance area.
Even so, the technical indicators are bullish in the daily timeframe.
First, the super trend line is bullish (green symbol). Supertrend is an indicator that uses absolute highs and lows to identify trends. Since the price is above this line, the trend is considered bullish.
Second, the MACD is in positive territory and rising. This shows that the short term trend is faster than the long term trend.
Eventually the RSI crossed 50 and is rising. The RSI is a momentum indicator and a break above 50 indicates an increase in momentum.
As a result, the daily timeframe indicators consolidate that DOGE is stuck on an uptrend. A rebound from the $ 0.266 resistance area will further confirm this.
Daily DOGE / USDT Chart | Source: TradingView
Count waves
Trader @Altstreetbet sketched the DOGE chart, suggesting that the token is in the third wave of a bullish impulse. This is usually the strongest wave, which means the rate of increase is expected to increase rapidly in the near future.
The source: Twitter
The most likely wavenumber actually shows that DOGE is in the third wave (orange) of a bullish five-wave structure. Wave three is not only the sharpest wave, but also the one with the greatest potential for expansion. The number of partial waves is shown in black.
The most likely target range for the top of this wave is between $ 0.50 and $ 0.515. The target is created by the 1.61 wavelength one (orange) and the 0.618 fib retracement resistor (black).
After that, the bullish impulse could end with a new all-time high.
The scenario remains valid as long as the low of the second partial wave of $ 0.216 (red line) is not broken.
Daily DOGE / USDT Chart | Source: TradingView
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Market
DOGE completes correction and prepares for a long-term uptrend
After falling for over two months, Dogecoin (DOGE) is finally showing signs of a possible bullish reversal.
While unconfirmed, this could be the start of a long-term uptrend for DOGE.
DOGE explodes
As of August 16, DOGE has fallen along with a descending resistance line. This is a sign that DOGE is correcting after the previous uptrend.
The token reversed the trend on September 26th and has been moving up since then.
It was initially rejected by both the resistance line and the $ 0.266 resistance area (red icon) on Oct 6. Then on October 18, it broke the falling resistance line. However, it failed to break the $ 0.266 resistance area.
Even so, the technical indicators are bullish in the daily timeframe.
First, the super trend line is bullish (green symbol). Supertrend is an indicator that uses absolute highs and lows to identify trends. Since the price is above this line, the trend is considered bullish.
Second, the MACD is in positive territory and rising. This shows that the short term trend is faster than the long term trend.
Eventually the RSI crossed 50 and is rising. The RSI is a momentum indicator and a break above 50 indicates an increase in momentum.
As a result, the daily timeframe indicators consolidate that DOGE is stuck on an uptrend. A rebound from the $ 0.266 resistance area will further confirm this.
Daily DOGE / USDT Chart | Source: TradingView
Count waves
Trader @Altstreetbet sketched the DOGE chart, suggesting that the token is in the third wave of a bullish impulse. This is usually the strongest wave, which means the rate of increase is expected to increase rapidly in the near future.
The source: Twitter
The most likely wavenumber actually shows that DOGE is in the third wave (orange) of a bullish five-wave structure. Wave three is not only the sharpest wave, but also the one with the greatest potential for expansion. The number of partial waves is shown in black.
The most likely target range for the top of this wave is between $ 0.50 and $ 0.515. The target is created by the 1.61 wavelength one (orange) and the 0.618 fib retracement resistor (black).
After that, the bullish impulse could end with a new all-time high.
The scenario remains valid as long as the low of the second partial wave of $ 0.216 (red line) is not broken.
Daily DOGE / USDT Chart | Source: TradingView
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
SN_Nour
According to Beincrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
