Summary
TLDR: Dogecoin’s price may revisit previous lows as it is stuck in a bearish reversal pattern due to rising profits triggering potential profit-taking among holders. Historical data suggests a potential 40% correction, with a target price of $0.127. However, if the pattern is invalidated, the price could rally towards $0.24 and beyond. Investors should conduct their own research and consult with a professional before making any financial decisions.
Key Points
1. Dogecoin’s price is currently trapped in a bearish reversal pattern, potentially leading the meme coin to revisit its previous lows.
2. Sometimes, bearish market trends are altered by investors. However, this time, investors’ behavior does not appear very bullish either.
3. Dogecoin price is exhibiting signs of an increase on the 8-hour chart, but when the extended candlesticks are taken into consideration, a bearish pattern forms. To make it worse, investors may not be able to invalidate it either.