Dogecoin has been silently formed a huge pattern that a few investors have noticed. The Mimi currency that has started as a joke may be in a large collection, according to technical analysis from a respectable scheme analyst.
The most famous encryption analyst for these capabilities is on his X. States:
“#DogeCoin $ Doge remains within an upward parallel channel. As long as the lower borders are at $ 0.16 kept, the reflux towards the medium channel at $ 2.74 or even the upper limits at $ 6.24 is still a possibility!”
The weekly logarithm price plan reveals that Dogecoin respects Parallel upward channel Since 2015, about $ 0.20 has been traded, DOGE is sitting slightly higher than the decisive support level of $ 0.16-the minimum boundaries of this long-term channel.
If this support level continues, technical analysis indicates that Dogecoin can reach the goal of the medium channel of $ 2.74. The most impressive thing, the continuous bullish trend can push Dog to the upper border at $ 6.24 – which represents an amazing 30x increase in current prices.
However, investors should notice that if the support of $ 0.16 fails, DOGE can decrease to a decrease in Fibonacci levels by about $ 0.10 or even $ 0.07, which may lead to nullifying the bullish structure.
Some of the factors that can pay the price of the long term
Besides technical plans and patterns, many realistic factors can push Dogecoin to new horizons in the coming years.
Social media and celebrities have shown its power again and again to transfer the price of Dogecoin. When numbers such as Elon Musk feed on cryptocurrencies, prices often rise with new investors. One tweet or a general male can lead to intensive purchase activities, which sends values towards the sky in short periods significantly.
Dogecoin does not rest on its glories as well. They actively develop new technologies such as Gigawallet and Radiodoge. These innovations aim to make Dogecoin more practical for daily payments.
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What is happening to Bitcoin is still very important for Dogecoin. History shows that when Bitcoin flourishes, it often follows Dogecoin – and often gains a greater percentage. This happens because Dogecoin has a smaller market ceiling, which makes it easier for new money a significant increase in prices.
Despite the origins of the M., Dogecoin survived and flourished for a long time to secure its place among the higher cryptocurrencies. Institutional adoption, even at modest levels, can provide great support for higher assessments.
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