The encryption analyst says the price of Dogecoin is ready for the gathering about $ 0.5, but it is not all good news

A new technical analysis indicates by an encrypted analyst that the latter Dogecoin low price It may be coming to a quick end. Analysts say this upper metal currency is preparing for the retreat of about $ 0.5. Despite Dog Long -term outlook looks risingThe Mimi coin faces a last obstacle that can delay its rise.

Dogecoin price signs are imminent

According to the formerly (Twitter) Cas Abbé, Dogecoin formation A pattern below the perfect approximation on the annual graph, indicating the possibility of this The initiation of a large gathering To $ 0.55. This textbook style is an artistic indicator that often indicates a possible start to reflect the price after the long, long trend.

The lower circular style indicates that Dogecoin has gradually built a momentum despite its ass. The price decreased to its lowest levels. The analyst shared a plan for the price depicting the Mimi currency price movements from 2022 to the present time. The yellow trend line is at the top of the plan A. The resistance area About $ 0.4 and $ 0.55. Dog has already tested this resistance area, but he faced a refusal to pay its lowest level.

The ABBè chart also highlights The relative strength index of Dogecoin (RSI) batch. The weekly RSI approaches the support line around the level of 40 to 48.98. Historically, Dog tends to reflect and move higher when RSI reaches this level. Based on the upcoming path of The lower style is roundedThe analyst will soon collect the price to $ 0.55.

Although this goal will score an important milestone for Dogecoin, it is still less than $ 0.65, which was achieved during the past Taurus Market in 2021. Other members of the encryption expressed the prediction of Abu, Prediction Goals higher than $ 1 for a fever.

In addition, commentators such as Dean Chapman High The possible effects of Dogecoin ETF on the future of the future Meme Coin. With news Dogecoin ETF files Spread through the encryption space, you can face a group raising larger than Bitcoin during which Bitcoin Bitcoin spot Etf Fomo.

One final decline before the gathering?

Despite the optimistic expectations, Abbè warns that Dogecoin has Facing the final decline Before the expected gathering. Technical indicators on the graph, especially the RSI DOGECOIN and the average average moving rapprochement (MACD), hint at a The short -term decline.

Abbè predicts that Dogecoin will see a preliminary decrease towards the scope of $ 0.19 to $ 0.20 before finding a solid foot to reverse the price. If the MEME coin is able to successfully keep this support scope and penetrate the resistance levels, Dog can gather to the expected goal of $ 0.55. This will represent a 120 % increase from its current market value of $ 0.25.

Distinctive image from Adobe Stock, Chart from TradingView.com