The DOGE/USD chart on Coinbase is hinting at a potential trend reversal. An inverse head and shoulders pattern seems to be forming, following a five-wave downtrend. The pattern's left shoulder aligns with the end of wave 3, while the head coincides with the end of wave 5. Interestingly, the price climbed above the peak of wave 4, creating an upward neckline that suggests a bullish breakout.
Adding to the bullish sentiment, a golden cross is forming within the left shoulder, indicating a potential shift in momentum from bearish to bullish. This inverse head and shoulders pattern has been consolidating for over a month, suggesting a period of compressed price action before a potential breakout.
This analysis is based on technical indicators and should not be considered financial advice. It's important to understand that the market can be unpredictable, and your own research is crucial before making any trading decisions.
Adding to the bullish sentiment, a golden cross is forming within the left shoulder, indicating a potential shift in momentum from bearish to bullish. This inverse head and shoulders pattern has been consolidating for over a month, suggesting a period of compressed price action before a potential breakout.
This analysis is based on technical indicators and should not be considered financial advice. It's important to understand that the market can be unpredictable, and your own research is crucial before making any trading decisions.