Dogecoin Price Set to Enter Phase E After Last Point of Support Test
Crypto analyst Trader Tardigrade provided insights into Dogecoin's price action. He indicated that Dogecoin is likely entering Phase E, following a successful testing of the Last Point of Support (LPS).
Key Insights on Dogecoin Price Movement
- Dogecoin has entered Phase D of the Wyckoff Accumulation.
- The LPS in Phase D is approximately $0.174.
- A recovery above $0.18 would initiate Phase E, with potential for a rally to $2.1, marking a new all-time high.
- Trader Tardigrade noted a possible inverse Head and Shoulders pattern on the 4-hour chart, suggesting a bullish outlook.
- Predictions indicate a rebound could see prices reach $0.183.
- Analyst Kingpin Crypto anticipates a bounce and movement above $0.2.
- Analyst Ali Martinez remarked a close above $0.17 could lead to targets of $0.21 or $0.29, contingent on holding support at $0.13.
- The overall price performance may depend on Bitcoin maintaining bullish momentum.
Currently, Dogecoin trades around $0.16, reflecting a decrease of over 3% in the past 24 hours.
