Dogecoin (DOGE) to ‘Go Significantly Higher Soon’ Following Decisive Breakout from Historic Price Consolidation
According to crypto analyst Yomi, Dogecoin (DOGE) appears to be undergoing a significant consolidation period before making its next major bullish move. In a tweet, Yomi suggests that this consolidation could last up to four weeks, similar to the previous cycle.
Consolidation is a technical analysis term that refers to an asset’s price movement trading within a specific range for an extended period, with relatively low volatility. This phase often occurs after a significant price rally or decline, as the market establishes a new equilibrium before the next directional move.
Yomi notes that during the last consolidation cycle, Dogecoin experienced a “flash crash dip” of 40%, revisiting the breakout area before being swiftly bought up by traders. A breakout is a term used to describe when an asset’s price moves beyond a specific resistance or support level, indicating a potential shift in the overall trend.
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Show more +The analyst advises traders to remain patient during this volatile period and not get “shaken out” by the price fluctuations. According to Yomi’s analysis, the probabilities suggest that Dogecoin will “go significantly higher soon” after this consolidation phase concludes.
A deeper examination of the chart reveals that DOGE has been trading within a range of $0.15 and $0.18 for the past 11 days. Yomi suggests that a decisive breach above this consolidation zone could trigger another significant upward movement for the meme cryptocurrency.
It’s important to note that cryptocurrency markets are highly volatile and unpredictable, and technical analysis should be combined with other forms of research and risk management strategies. Traders and investors should always conduct their own due diligence and never invest more than they can afford to lose.
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