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In a dramatic reflection, Dogoin (DOGE) decreased from about $ 0.34 of up to $ 0.20, where approximately 40 % of its value was wiped before the initial stability was found near $ 0.25 at the time of the press. However, the “Coozdeh” encryption analyst maintains (alemzadehc) sharing A weekly scheme for Doge/USD and remember, “Doge: Looks Good here”, despite the recent disorders.
Why do you still seem bullish
The unexpected news about the new customs tariff was sent by the Trump administration to the major trading partners such as China, Mexico and Canada on Friday shock waves across the financial markets, including cryptocurrencies. The news led to wide sales in the origins of risk, with Dogecoin, known for its high fluctuation, which is especially affected. The fear of the escalating trade war has reduced investor confidence, prompting many to liquidate their positions in encrypted currencies.
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After announcing the customs tariff, Dogecoin witnessed an immediate and important decrease, within hours of breaking the news. During the weekend, the collapse of the encryption market spanned as part of a greater reaction in the market, as the main altcoins such as XRP and Cardano also exposed two percentage losses. The entire encryption market wiped more than $ 2.2 billion of encryption dimensions.
Alemzadeh Chart, drawn on the weekly timeline, shows that the price of the DOGE initially exceeds the red direction line in October. This line was a major resistance area that extends to its highest previous local levels, and the decline that followed that market has brought down the direction line again.
Parallel, Dogecoin is still in its position above the moving average for 30 weeks (30W), which is drawn as a pink -ended curve and currently sits around 0.20 to $ 0.22. Analysts often consider the weekly closure above this average as a sign of the underlying force, indicating that Dog may after its upper structure if the market is above that threshold.
The plan also highlights a series of levels of retreat and extension Fibonacci, each provides an insight into potential support and resistance. In the foreground, there is a spread of 0.618 Vibonacci by about $ 0.2667, which is a critical area where the price is now hovering. This level often attracts the attention of traders who are looking to determine whether the market is in a standard decline or is a deeper correction.
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Next sits with a decline of 0.786 near $ 0.3467. Moreover, the complete decline is about $ 0.4843 represents a more dimension that must retrieve its upper momentum. Even the most upper extensions, indicated on the Alemzadeh chart at $ 1.27 ($ 1.618) and $ 2.30 (2.0), serve as virtual goals if the distinctive symbol achieved great outbreak.
An additional component is to put the signs on the Elliott wave, and what appears to be a “1, 2, 3” waves, followed by the current decline, which has been marked as a “4” wave near $ 0.26. In the traditional ELLIOTT wave theory, four are popularly re -existed to the 0.236 -0.618 area for the previous wave, so the current procedure that touches the Fibonacci 0.618 point is well suitable for this style. If DOGE is sure to support Wave Four, the next stage – Wave Five – can return the market back above the previous levels, as the main goals were $ 1.27 and $ 2.30 if the upward feelings are returning.
At the time of the press, Dog was traded at $ 0.25.
Distinctive image created with Dall.e, Chart from TradingView.com
