DOGE's bullish fractal gains support from key fundamentals: expectations of interest rate cuts, the upcoming Bitcoin halving, and, notably, Elon Musk's influence.
DOGE's bullish fractal also gains support from expectations of interest rate cuts, the upcoming Bitcoin halving, and Elon Musk's influence.) ongoing price action mirrors 2020 fractals that saw its price explode by more than 15,800% to a record high of $0.76 in just six months.The Dogecoin chart fractal below highlights the similarities between DOGE's ongoing price performance and those recording after the completion of the 2018-2020 bear market.
For instance, in 2018-2020, Dogecoin experienced a prolonged sideways movement within the $0.0012 to $0.0056 range. This phase occurred at the chart’s base levels, between the 0.236 and 0.0 Fibonacci retracement lines, underlining a period of relative market equilibrium with low volatility.Mirroring the earlier consolidation pattern, Dogecoin has — once again — entered a consolidation phase, but at a higher price range between $0.055 and $0.181.
The current attempt to surpass the 0.236 Fibonacci threshold is akin to the breakout observed in the previous cycle, which may indicate a significant shift in market sentiment if the price sustains above this level, currently at $0.181.Fundamentals such as quantitative easing played a key role in sending Dogecoin prices up by more than 15,800% in 2020. Interestingly, the memecoin market is witnessing similar catalysts in 2024 as it attempts to break above its 0.236 Fib line resistance.
Conversely, a decisive pullback from the 0.236 Fib line risks bringing Dogecoin's price toward its 50-week exponential moving average at around $0.095, down about 48% from current prices. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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