Dogecoin: When to expect the next pump!
CHART OVERVIEW
The chart shows daily candles for DOGE/USDT on Binance. A Fib retracement from the low price of 0.0073 just before the triple parabolic pump pattern all the way to the current ATH at 0.74.
ANALYSIS
Doge has found support at the 0.786 retracement and resistance at the 0.618 point. There are certain points which could demonstrate a Wychoff re-accumulation is taking place, here are the main stages:
a) Buyers Climax
b) Selling Climax
c) Automatic Reaction
d) Secondary Test
e) Upthrust
f) Sign of Strength
g) Last Points of Support
The yellow dotted line is a projection of what could happen next, it's impossible to predict exact price movement so I expect the price will not move in this manner but if the price move upwards, this would be my best guess of it's behaviour.
CONCLUSSION
Dogecoin has seen massive gains, IMO it's unlikely to pump with the same strength as before but it could see a very decent pump, the 0.5671 would be a solid target IMO, a possible retracement then another big push to the ATH is definitely possible, after that to take the very bullish situation. Pumping above 0.74 could happen but I don't know how likely this would be, I think closely monitoring price action when and if dogecoin starts making big moves is the best way to determine the final target.
What do you guys think, is Dogecoin going to make another parabolic pump or have we seen the most of what it has to offer?
*DISCLAIMER: Not professional advice
The chart shows daily candles for DOGE/USDT on Binance. A Fib retracement from the low price of 0.0073 just before the triple parabolic pump pattern all the way to the current ATH at 0.74.
ANALYSIS
Doge has found support at the 0.786 retracement and resistance at the 0.618 point. There are certain points which could demonstrate a Wychoff re-accumulation is taking place, here are the main stages:
a) Buyers Climax
b) Selling Climax
c) Automatic Reaction
d) Secondary Test
e) Upthrust
f) Sign of Strength
g) Last Points of Support
The yellow dotted line is a projection of what could happen next, it's impossible to predict exact price movement so I expect the price will not move in this manner but if the price move upwards, this would be my best guess of it's behaviour.
CONCLUSSION
Dogecoin has seen massive gains, IMO it's unlikely to pump with the same strength as before but it could see a very decent pump, the 0.5671 would be a solid target IMO, a possible retracement then another big push to the ATH is definitely possible, after that to take the very bullish situation. Pumping above 0.74 could happen but I don't know how likely this would be, I think closely monitoring price action when and if dogecoin starts making big moves is the best way to determine the final target.
What do you guys think, is Dogecoin going to make another parabolic pump or have we seen the most of what it has to offer?
*DISCLAIMER: Not professional advice
Comment:
Dogecoin has lost bullish momentum for the time being but is finding strong support at 0.1641 (0.786 retracement point). It's unclear to me of the next direction but considering it has been in a long sideways trajectory so a breakout of somekind is likely. I believe 2022 would be a great year for crypto so let's see how well Dogecoin does, will it be as explosively bullish as last year, who knows.