The price of Dogecoin (DOGE) is currently moving inside a symmetrical triangle. It is in a neutral configuration in the short term, but shows several bullish signs in the long term.
Dogecoin & Twitter: the high probability of a sell the news
The course of DOGE has been following a large ascending support line since June 2022. Since November, the price has also been moving below a descending resistance line. Combined, these lines form a symmetrical triangle, which is considered a neutral pattern in chartist analysis.
The price broke out of the triangle from above on April 3 and reached a local top around $0.10. The price was however rejected by the resistance level of retracement Fib des 0,382 (in white) and fell sharply over the next 24 hours. Since April 7, the price of Dogecoin has been moving within the boundaries of the triangle, potentially validating the false breakout of the triangle. The daily RSI is still above 50, a signal that the uptrend is still present. A new break could therefore occur in the coming days or weeks.
One of the reasons for this rejection is the fact that Elon Musk, the CEO of Tesla, reversed one of his decisions concerning Twitter. He had modified the logo of Twitter, the famous blue bird, after having replaced by the Dogecoin logo.
DOGE: towards a long-term bullish recovery?
If the daily technical analysis does not provide a clear direction on the trend, the weekly analysis allows us to know more about the future direction of this one. On the chart, we notice that the price has broken its long term bearish trendline (which was maintained for 539 days). Breakouts of such long-term patterns usually lead to significant bullish rallies.
Although DOGE has formed a inverted hammer last week (red triangle), the weekly RSI is still above 50. The inverted hammer usually forms after a significant decline. If the pattern forms after an uptrend, then it is called ashooting star. A new attempt by the bulls to reach the resistance zone of $0.128 is therefore expected.
If the breakout of this zone intervenes, the price of DOGE could rise up to $0.275. If the decline continues, DOGE might drop to the $0.055 horizontal support zone.
The most likely scenario for the price action of DOGE is for a slowdown in the short-term downtrend. It is highly likely that the price is heading towards the $0.128 in the long term.
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Love Hate Inu: will the new meme corner dethrone Doge and Shiba Inu?
Love Hate Inu is a meme coin that offers real utility in the world of cryptocurrencies and community currencies. It offers access to a voting system based on blockchain technology and is based on a secure and transparent platform.
The project is based on a mechanism of staking secured by smart contracts (smart contracts). It prevents spam and manipulation, so the voting process is both transparent, verifiable and anonymous. By staking LHINU tokens, users will be able to participate in the latest surveys and earn rewards. In the future, the community will be able to choose which polls they want to create.
90% of the supply is sold in presale so that the community owns the majority of the LHINU tokens. 10% is reserved for liquidity, registration fees and community rewards.
Crypto-assets are a risky investment.
This article does not represent investment advice in any way. The information provided here should not be used as the basis for making financial decisions. Investing in cryptocurrency involves risk and can lead to significant losses. You should only invest what you can afford to lose and do your own research before making any investment decisions.
Source : TradingView, CoinMarketCap, Doge, Love Hate Inu
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