RLinda ! DOGE-> The bulls are drawing a triangle. What's next?

15 de nov. de 2022

DOGE is showing confidence in relation to the whole market and in relation to bitcoin. Large investors are clearly interested in the price in light of recent events (one of which is Musk's purchase of Twitter)


(Chart 1. Two-Day Timeframe. Breaking resistance and moving price into the long zone)

On the two daily chart we see a break of the resistance which has been forming since June 2021, the price forms a strong momentum and rolls back to the support of February 2021. We see a consolidation above the previously broken zone, I think that after an exit from the consolidation we will see a strong movement. With the bulls dominating the market, the price has the potential to rise to 0.1500 and then to 0.3517

On the hourly chart I marked a bearish price channel. The declines stopped at 0.07110, after which the price moves into a consolidation phase and breaks the resistance, but at the same time it continues to gain energy in the range phase.
After the breakdown of the channel resistance, a symmetrical triangle is formed, which may be a hint of a trend change and when the price goes over the upper boundary, a strong rise may be formed. The short-term target is resistance at 0.10990. The medium-term target is the level of 1.13392.

Regards R.Linda!