DOGEUSD preparing a rally to $1.60
Dogecoin (DOGEUSD) is trading on its 1D MA50 (blue trend-line) as despite yesterday's attempted break-out, the pull-back brought the price down around this key trend-line again.
The key for buyers is now to turn this level into a Support and hold it, as this is what took place during the September - November 2024 rally. As you can see, once the price broke above the 1D MA50 and re-tested as Support, it sustained a 2-month rally, which reached the 3.0 Fibonacci extension from its bottom point (August 05 2024).
We can clearly see how similar the two fractals are, both started with a correction (red Rectangle) and then after the bottom, a Channel Down (also evident on their 1D RSI sequences) paved the way for the rally.
As a result, if DOGE tests the 1D MA50 again and holds it this time, we will have a confirmed buy signal to target $1.600 (Fibonacci 3.0 extension).
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The key for buyers is now to turn this level into a Support and hold it, as this is what took place during the September - November 2024 rally. As you can see, once the price broke above the 1D MA50 and re-tested as Support, it sustained a 2-month rally, which reached the 3.0 Fibonacci extension from its bottom point (August 05 2024).
We can clearly see how similar the two fractals are, both started with a correction (red Rectangle) and then after the bottom, a Channel Down (also evident on their 1D RSI sequences) paved the way for the rally.
As a result, if DOGE tests the 1D MA50 again and holds it this time, we will have a confirmed buy signal to target $1.600 (Fibonacci 3.0 extension).
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
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