Dogecoin Price Prediction: Inverse Head and Shoulders Pattern Signals $0.25?
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Dogecoin's price, currently down 6.11% over seven days, shows a bullish inverse head and shoulders pattern on the 1-hour chart, suggesting a potential price reversal. Crypto analyst Klejdi Cuni identified this pattern, characterized by three troughs with the middle one being the lowest, formed between May 23rd and 25th. The pattern indicates a possible short-term bullish reversal for Dogecoin. The right shoulder of the pattern is around $0.222, and a breakout above the neckline resistance at approximately $0.228, with sufficient volume, could trigger a price surge. Cuni predicts a two-stage movement. The first target is $0.239, a previous support level that later acted as resistance. Breaking this level could propel Dogecoin to $0.25, representing a full recovery to its recent May peak. This could be the beginning of a larger rally towards $0.3 and beyond. However, failure to hold above $0.228 or a drop below $0.222 would invalidate the bullish outlook, potentially leading to a retest of $0.21. The analyst emphasizes that this pattern is short-term focused, making it most relevant for traders seeking quick gains. Currently trading at $0.2245, Dogecoin's price action warrants close observation for confirmation of this bullish pattern.
(Source: https://www.newsbtc.com/news/dogecoin/dogecoin-quick-reversal-to-0-25/)
