Long

Updated

Dogecoin

Besides Elon musk's games and ploys on Dogecoin, this coin has some room for growth; at least based on technical analysis. If we look at the chart there is a big and wide upward channel, and price is approaching the bottom of the channel. Also, Fibonacci time analysis shows the end of the current downtrend wave is almost near. Let's see what happens.

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So, once again DOGE reached the upper line of the triangle pattern. Let's see if DOGE can break this triangle or not.

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Ready or not, here come the Doge.

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So, Doge is going up; little by little it goes up.

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Doge correction wave toke a complex form, and it seems like a descending channel. Let's see when Doge breaks this channel upward.

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So, it seems Doge's correction is finished when doge broke the minor downtrend line. Let's see what happens.

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So, Doge is going up according to the analysis and now Doge have reached a major horizontal resistance area. To continue going up, Doge needs to break this area. Let's see what happens.

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So, Doge went up but couldn't pass the major horizontal resistance area, then made a pullback on the uptrend line. It seems a minor wedge/triangle pattern is forming; Doge have to break this pattern if wants to continue the upward movement. Let's see what happens.

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Doge is really trying to break this line, but so far couldn't. If Doge fails to break, correction will happen to gather momentum, and then attacking this line again. Let's see what happens.

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Doge is making a pullback on the broken resistance. Let's see where the correction ends.

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Nicely done; the pullback unfolded in a descending channel.

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So, it's correction time; Bitcoin is in correction, and the altcoins too. It seems Doge's current correction might follow its previous one: coming down near level 0.618 Fib level, and then the next upward wave breaks the minor downtrend line. Also, for Doge, the horizontal area is the important one to look for. That is, how does Doge break it or make a pullback on it? I will update here as soon as any major changes occur. Let's see what happens.

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So, it is clear that Doge has tried to break the downtrend line several times but has been unsuccessful so far. Let's see if Doge can break this line this time or not.

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So, Doge broke the downtrend line, went up, but couldn't break the major horizontal area. This area has proven to be important, and Doge has to break it first for upward continuation. Currently, the crypto market is in a transition phase, going from phase 1 to phase 2 (read the "When the next altseason might happen?" idea). As a result, most probably, Doge will oscillate here until break upward. Let's see when this happens.

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So, even though Doge went below the major uptrend line, but Doge recovered soon. If we look at Doge's monthly chart, it can be seen that a pin bar is forming; it shows there is still hope ahead. Also, on daily chart, it seems the current Doge's correction is finished when broke the descending channel upward. Have to wait for Doge to reach and settle above the major horizontal area. Let's see when this happens.

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So, DOGE is trying to break the descending channel. If successful, correction is over and the next upward wave is started. Let's see when this happens.

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So, the DOGE chart does not require more explanation; it is the same as the first analysis. Let's see what happens.

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Doge's potential retracement zone.

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So, it seems DOGE is moving in an ascending consolidation channel. The next upward wave is close. Let's see what happens.

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So, DOGE broke the ascending consolidation channel, signaling continuous correction. Let's see where DOGE's correction end.

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Spot on.

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So, DOGE main analysis is still valid. Doge made another visit to the major channel's bottom line. Then it broke the downtrend line and is going up. Let's see if DOGE can meet the possible price targets ahead.

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Just an update. DOGE is trying to break the correction wave ii, which unfolded in a flag pattern. Let's see what happens.

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So, as it turned out, correction wave 2 is unfolding in an a-b-c pattern. Additionally, a harmonic pattern is also forming. It seems DOGE is making a pullback on the broken neckline of the inverse head and shoulders pattern. Let's see what happens.

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So, the harmonic pattern is complete, and the correction pattern finished on the 0.618 Fib retracement level. Just have to wait for DOGE to break the right leg's downtrend line. Let's see what happens.

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Small modification: the harmonic pattern was a little larger than thought. Anyway, it's complete now, and the most important part is that DOGE broke the right leg's downtrend line. Let's see how high DOGE can rise.

SaeedSalehinia

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SaeedSalehinia