DOGE/USD are trading at 0.0712 and continue to move as part of the correction and the formation of the “Triangle” model. Moving averages indicate a short-term bearish 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 0.0725 area. Where can we expect a rebound down again and a continuation of the fall in the Dogecoin rate with a potential target below the level of 0.0605.
Dogecoin Forecast DOGE/USD August 12, 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 “Triangle” pattern. Cancellation of the coin’s fall option will be a strong increase in the value of the asset and a breakdown of the 0.0795 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 0.1155. With the breakdown of the support area and the closing of quotes below the level of 0.0635, we should expect confirmation of the development of a bearish impulse for Dogecoin and the beginning of the development of the “Triangle” model.
Dogecoin Forecast DOGE/USD August 12, 2022 suggests an attempt to correct and test the resistance area near the level of 0.0725. Where should we expect a rebound and a continuation of the fall of the DOGE/USD coin to the area above the level of 0.0605. 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 downside option will be a strong growth and a breakdown of the 0.0795 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 0.1155.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
