After breaking out of $0.27 Doge is poised to go to the next level at $0.49. Expecting a pullback to get in, but market may not provide a lot of time to think about it. At this point 2 counts are at play and both bullish.
Blue count: tracking an ending diagonal pattern. The two 5 waves moves; one from Oct 2023 low and one from Aug 2024 low could be a zigzag. Now we need to see how the wave 3 forms. If we see another 3 waves move that stalls between fib 1 to 1.236 extension ($1.2 - $ 1.7), and price falls below $0.49, then ending diagonal is most likely.
Black count: Instead of a zigzag, this count assumes we have a 1/2, 1/2 and primed for a 3 of 3 move. In this case, we should still expect a resistance at $1.2 but price should not break below $0.49. and the way the waves form would be a lot more impulsive.
Crypto market has a lot of tailwinds at the moment and might decouple from the overall markets. As rotation begins, on top of pent-up institutional demand, things might go crazy. Doge has a good use case with backing from Musk and his platforms.
Blue count: tracking an ending diagonal pattern. The two 5 waves moves; one from Oct 2023 low and one from Aug 2024 low could be a zigzag. Now we need to see how the wave 3 forms. If we see another 3 waves move that stalls between fib 1 to 1.236 extension ($1.2 - $ 1.7), and price falls below $0.49, then ending diagonal is most likely.
Black count: Instead of a zigzag, this count assumes we have a 1/2, 1/2 and primed for a 3 of 3 move. In this case, we should still expect a resistance at $1.2 but price should not break below $0.49. and the way the waves form would be a lot more impulsive.
Crypto market has a lot of tailwinds at the moment and might decouple from the overall markets. As rotation begins, on top of pent-up institutional demand, things might go crazy. Doge has a good use case with backing from Musk and his platforms.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.