Dogecoin Hits Triple Top Pattern, Analyst Explains What it Means
Release: 2024/11/21 00:49 Reading: 841
Dogecoin Market Analysis
The Dogecoin market currently exhibits a bearish pattern on its 4-hour chart, raising concerns among investors. After forming a bullish falling wedge pattern between November 12 and 19, expectations of a breakout were dashed.
On November 19, Dogecoin initially surged, but the breakout proved weak, as predicted by financial analyst Kevin (@Kev_Capital_TA).
A crucial factor influencing Dogecoin's price is its interaction with the macro 0.786 Fibonacci retracement level, where it faced rejection. Kevin emphasizes that without a decisive breakthrough of this resistance, optimism for Dogecoin is premature.
Kevin also highlights that Bitcoin's position at a key resistance level suggests Dogecoin's significant moves will depend on Bitcoin breaching $100,000. "For now, expect stagnation," Kevin notes.
Traders are advised to manage their expectations: "Remain composed; there's little short-term cause for excitement. Both BTC and Dogecoin face major resistances. Breakouts are yet to materialize." Kevin emphasizes the relevance of Bitcoin's behavior: "Technical analysis on BTC supersedes that on Dogecoin for now. DOGE, lacking direction, mirrors Bitcoin's potential moves."
Kevin's analysis of Dogecoin's 4-hour chart reveals a "nasty triple top" pattern at the macro 0.786 Fibonacci level, indicating a bearish signal. He warns that a correction to $0.30 could arise, potentially challenging optimistic investors.
A triple top in technical analysis suggests a reversal from an uptrend to a downtrend and occurs when price repeatedly tests the same resistance without breaking through. Dogecoin's inability to surpass $0.41 at the 0.786 Fib signals waning bullish momentum in the near term.
Kevin asserts that Dogecoin has yet to achieve a genuine breakout: "Without a clear breach of the 0.786 Fib at $0.41, it's bound to sideways movement." He outlines a bullish scenario: "If Dogecoin forcibly crosses that level, expect targets around $0.80 to $0.85. It's an uphill task, contingent on BTC’s upward momentum."
In recent days, Kevin has predicted a deeper correction for Dogecoin, based on the triple top and 0.786 Fibonacci rejections. His target price range is $0.30 to $0.26, representing a 30-40% pullback from the local peak—a significant correction within a bull market.
Kevin highlights the importance of the upcoming monthly candle closure: "Dogecoin's objective is a monthly candle close above $0.335 within 11 days, marking an all-time peak close," emphasizing his attention to this milestone.
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