Dogecoin (Doge) | A Realistic And Huge Move Is About To Begin

Hi friends, hope you are well and welcome to the new update on Dogecoin.

Rejection from the resistance and strong support:
From mid of April to May 2021 the price action of Dogecoin was very strong bullish. Finally, the priceline found very strong resistance at $0.70 and after being rejected by this resistance level the price action of Doge dropped to the support of $0.45. After some struggle, the price action broke down this support and then broke the next supports $0.36 and in $0.26 respectively. Finally, the Doge coin’s price stopped at the strong support at $0.16. At the moment it is trying to break out the next resistance of $0.26, this level was working as support now turned into resistance.

Symmetrical triangle:
If we switch to the small-time period 4-hourly chart, then it can be observed that the trend is being changed from down to up-trend. Now the price action is moving in a symmetrical triangle which is considered as a trend continuation pattern. Now as we are in an uptrend then the priceline may break out the resistance of this pattern for the trend continuation. In this situation, the target as per the symmetrical triangle can be $0.31.

A big bullish Cypher pattern:
On the weekly time frame chart, the price action of Doge has formed a big Cypher pattern. There is also 25 simple moving average support in the buying zone and the 50 SMA below this area. I have already shared this pattern a few days back. At that time the priceline of Dogecoin was moving in the buying zone. Now the candlesticks are moving above the potential reversal zone. It can be noticed that the buying area of the bullish Cypher is very wide. Therefore, we can also use the 25 simple moving average as stop-loss. However, the buying zone goes up to$0.1336. As per the Fibonacci sequence below are the buying and sell targets:
Buy between: $0.2350 to $0.1336

Sell between: $0.3148 to $0.5065

As per the above targets, this trade has a big profit possibility of 279%, and the loss possibility is 43.4%, however, in order to minimize the risk we can use the 25 SMA as stop loss.

You can also support my work at Patreon for more ideas:

https://www.patreon.com/moon333

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Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.