Dogecoin ends the trading week at 0.0711 and continues to move within the correction and the downward channel. There is potential to complete the formation of the “Head and Shoulders” reversal pattern. Moving averages indicate a bearish trend. Prices are again testing the area between the signal lines, which indicates pressure from the sellers of the coin and a potential continuation of the fall. As part of the DOGE/USD rate forecast for the next trading week, we should expect an attempt to develop a decrease in the value of the digital asset and test the support area near the level of 0.0625. From where a rebound is expected again and an attempt to continue the growth of the Dogecoin cryptocurrency with a potential target above the level of 0.1455.
Dogecoin Weekly Forecast July 25 — 29, 2022
An additional signal in favor of the growth of DOGE/USD quotes in the current trading week July 25 — 29, 2022 will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the Head and Shoulders reversal pattern. Cancellation of the option of raising the Dogecoin cryptocurrency in the next trading week will be a fall and a breakdown of the 0.0445 area. This will indicate a breakdown of the support area and a continued fall in DOGE/USD quotes with a target below the level of 0.0145. The growth of the cryptocurrency will be confirmed by a breakdown of the resistance area and closing of quotes above the level of 0.0835, which will indicate a breakdown of the upper border of the “Head and Shoulders” model and the beginning of the pattern with targets at the top.
Dogecoin Weekly Forecast July 25 — 29, 2022 suggests an attempt to test the support area near the level of 0.0625. Then continued growth to the area above the level of 0.1455. An additional signal in favor of the rise of Dogecoin will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 0.0445 area. This will indicate a continued decline in the cryptocurrency with a target below the level of 0.0145.
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