Given the current downward trend and the formation of a downward triangle pattern on the price chart of Dogcoin, it seems unlikely that Dogcoin will hit the $0.1 mark before the end of 2023
Given the current downward trend and the formation of a downward triangle pattern on the price chart of Dogcoin, it seems unlikely that Dogcoin will hit the $0.1 mark before the end of 2023.
The current trading price of Gougou Coin is approximately $0.06, which is consistent with the downward supporting trend line of the downward triangle pattern. According to altFINS data, in this model, breakthroughs typically occur in the direction of the overall trend, which is bearish for Dogcoin. If the price falls below the support level of $0.06, we expect the Dogcoin to fall to test the next support level near $0.053.
The momentum indicator also suggests that the bullish power of dog currency is weakening. Although the MACD line is still above the signal line in the bullish region, the bar chart is decreasing, and the RSI is below 45, indicating that the upward action energy is weakening.
To reach $0.1, Dogcoin must break through the rigid upper resistance around $0.07 (also known as the 200 day moving average) and psychological resistance of $0.1. From the current technological structure, considering the downward trend, this seems unlikely.
For dog coins, the path with the least resistance seems to beBreak through a triangle instead of a triangle.
The technical analysis website Walletinvestor.com has releasedBearish prediction of dog coin pricesIt is expected that by the end of 2023, the average price of dog coins may drop to $0.01069.
Therefore, although everything is possible in the cryptocurrency field, the likelihood of Dogcoin reaching a level of $0.1 in the remaining months of 2023 seems high. The trajectory of dog coins must be significantly reversed from the current downward trend and technological trend in order to have the opportunity to reach the level of 0.1 US dollars by 2023. In short, unless the buyer actively intervenes, Dogcoin may eventually retest the lower support level.
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