Dogecoin (Doge) just dropped down the channel mode with a target of $0.44

In the latest technical analysis, crypto analyst Jonathan Carter posted on X (formerly Twitter), Dogecoin has successfully broken the long-term decline channel.

Dogecoin (Doge) price breaks through the down channel pattern, which may shift the trend from bearish to bullish. For cryptocurrencies that have experienced months of downward trend, this seems to be a sign of preparing for the next phase, with analysts now expecting the price to reach $0.44.

Dogecoin breakout triggers expectations for $0.44

Crypto analyst Jonathan Carter announced on X (formerly Twitter) that Dogecoin has officially broken the long-term decline channel on the 3-day chart.

The breakthrough comes after lower highs and lower lows within clearly defined parallel channels in a technical analysis shared on Thursday. The analyst's chart shows Dogecoin trades in wedge mode in late 2023 before the downward channel.

Cryptocurrencies confirm this pattern by breaking through to upside space in the same year, which triggered a significant price increase that peaked near the $0.45 resistance zone. Dogecoin has been trading in the downward channel since its peak, but after being rejected by the upper boundary several times, the price eventually broke through this limit.

Carter's chart shows that Dogecoin's relative strength index (RSI) is also close to 75, indicating strong upward momentum. While this shows strength, it also warns that cryptocurrencies may soon approach overbought areas.

Currently, Dogecoin is based on the minimum resistance path facing its bullish structure. As a result, Carter predicts that the next major area will be $0.287, $0.340, while the previous high of $0.445 will be $0.445. The support zone also set $0.092, a barrier that is expected to prevent a sharp drop in Dogecoin prices.

Analysts predict DOGE's target is $0.6

In other news, crypto analyst "Trade Ace" on X said Doge is showing early signs of a major trend reversal. Analysis based on Wyckoff market diagram shows that meme coins have officially left the accumulation zone and entered the markup phase on the weekly chart.

The chart divides Dogecoin’s multi-year price history into four classic market stages: accumulation, price increase, scratches and distribution. Dogecoin traded sideways in the accumulation zone for much of 2022 and 2023.

However, recent bullish activity has pushed its price firmly towards the marking area, indicating a potential start to the uptrend. This prospect is supported by Dogecoin's RSI behavior, which now exceeds its exponential moving average (EMA) and is at 53.97 at the time of analysis.

According to the industry’s trump card, this RSI crossover highlights the growing growth in the early stages of trend expansion. If momentum remains, Doge may continue to trajectory upward towards the upper boundary of the marked area, with the next critical resistance of $0.34. In addition, if the quantity and market interest continue to grow, the road to distribution areas above $0.60 becomes clearer.

The above is the detailed content of Dogecoin (Doge) just dropped down the channel mode with a target of $0.44. For more information, please follow other related articles on the PHP Chinese website!