CandleFocus Analyst Says Dogecoin To Rise Further, Identifies Rounded Bottom Structure
2024-11-21
Author: Content Editor
Crypto analyst Cobra Vanguard has identified a bullish structure forming on Dogecoin's weekly chart, suggesting the meme coin could rally towards the $1 mark. The analysis is based on a rounded bottom pattern that has developed for Dogecoin since early 2021, indicating growing market accumulation. Vanguard predicts a rally towards $0.68, representing a 1,241% Fibonacci projection, with further resistance at $0.65 and ultimately $1. The volume confirms the bullish outlook, and if sustained, Dogecoin could experience a meteoric rise similar to early 2021. In the short term, Dogecoin is consolidating near $0.39 and is testing the 0.786 Fibonacci retracement level at $0.38 as a pivotal resistance. A breakout above this level could propel the price towards $0.44 and potentially $0.63, with the last resistance below $1 at the Fib. 2.618 level around $0.9484. In the event of a pullback, the 0.618 and 0.5 retracement levels provide strong buying opportunities.
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