Dogecoin price is currently hovering on a critical support level, a breakdown of which could lead to a steep correction, but a bounce could trigger a new uptrend. Therefore, investors need to be cautious as crypto markets have turned volatile due to the ongoing war between Russia and Ukraine.
BTC crashed to $35,000 after news of Russia launching attacks on Ukraine emerged, causing Dogecoin and other altcoins to crumble as well.
Dogecoin price needs to re-establish directional bias
Dogecoin price tagged the $0.127 support level thrice over the past three months, giving rise to a bottom reversal pattern known as a triple bottom setup. The third tag was supposed to result in a bullish move but failed to do so as a result of the flash crash due to Russia v. Ukraine.
- Dogecoin price has set up a triple bottom pattern at $0.127, indicating a trend reversal.
- A breakout from the declining trend line leading to a retest of $0.163 will constitute a 30% gain.
- However, a daily candlestick close below $0.127 will create a lower low, invalidating the bullish thesis for DOGE.
Dogecoin price is currently hovering on a critical support level, a breakdown of which could lead to a steep correction, but a bounce could trigger a new uptrend. Therefore, investors need to be cautious as crypto markets have turned volatile due to the ongoing war between Russia and Ukraine.
BTC crashed to $35,000 after news of Russia launching attacks on Ukraine emerged, causing Dogecoin and other altcoins to crumble as well.
Dogecoin price needs to re-establish directional bias
Dogecoin price tagged the $0.127 support level thrice over the past three months, giving rise to a bottom reversal pattern known as a triple bottom setup. The third tag was supposed to result in a bullish move but failed to do so as a result of the flash crash due to Russia v. Ukraine.