Dogecoin (DOGEUSD) is trading below its 1M MA100 (green trend-line), the level that provided Support for the past 4 months. A 1M candle closing below it, technically activates the last Cycle decline towards the eventual bottom.
If this happens, the top of the 4-year Support Zone is the most likely candidate for the Cycle Bottom at $0.058 at least. That would also make contact with the 11-year Higher Lows trend-line. A very efficient long-term bottom indicator has also been the 1M RSI Lower Lows trend-line.
Once bottom contact is made, expect a prolonged consolidation until the next Bull Cycle kicks in with a parabolic rally. And so far the upside is limited by the Resistance Zone. A test of its Low would take us to $0.460 as a fair scenario for DOGE's next Cycle Top.
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If this happens, the top of the 4-year Support Zone is the most likely candidate for the Cycle Bottom at $0.058 at least. That would also make contact with the 11-year Higher Lows trend-line. A very efficient long-term bottom indicator has also been the 1M RSI Lower Lows trend-line.
Once bottom contact is made, expect a prolonged consolidation until the next Bull Cycle kicks in with a parabolic rally. And so far the upside is limited by the Resistance Zone. A test of its Low would take us to $0.460 as a fair scenario for DOGE's next Cycle Top.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
💰Join TradingShot Account Management | +20% monthly profit | Min. capital $30k | Excellent risk-management
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.