DOGE/USD are trading at 0.0667 and continue to move within the framework of the correction and the formation of the “Head and Shoulders” reversal pattern. Moving averages indicate a short-term bullish trend for Dogecoin. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of the asset and a potential continuation of growth already from current levels. At the moment, we should expect an attempt to develop a rise in the value of the digital asset and a test of the resistance level near the 0.0745 area. Where can we expect a rebound down again and a continued fall in the Dogecoin rate with a potential target below the level of 0.0535.
Dogecoin Forecast DOGE/USD July 29, 2022
A strong signal in favor of a decline in DOGE/USD quotes will be a rebound from the trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the reversal pattern. Cancellation of the coin’s fall option will be a strong increase in the value of the asset and a breakdown of the 0.0835 area. This will indicate a breakdown of the resistance area and a continued rise in the cryptocurrency rate with a potential target above the level of 0.1245. With the breakdown of the support area and the closing of quotes below the level of 0.0555, we should expect confirmation of the development of the bearish impulse for Dogecoin and the beginning of the development of the “Head and Shoulders” reversal pattern.
Dogecoin Forecast DOGE/USD July 29, 2022
Dogecoin Forecast DOGE/USD July 29, 2022 suggests an attempt to correct and test the resistance area near the level of 0.0745. Where should we expect a rebound and a continuation of the fall of the DOGE/USD coin to the area above the level of 0.0535. An additional signal in favor of the rise of Dogecoin will come out below the trend line on the relative strength index (RSI). Cancellation of the reduction option will be a strong growth and a breakdown of the 0.0835 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 0.1245.
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