Will Dogecoin Comeback to the Glory Days??
Dogecoin has been swimming through the lows for a few days now, we wouldn’t exactly call it a low, since it’s reasonably higher than its price level at this time. Despite the current general correction, Doge has had a wild ride in April, rising over 400 percent. People are looking to forget the cloudy moodiness that surrounds the last two weeks of April and anticipate Dogecoin comeback to the glory days of Dogecoin.
Dogecoin price has been forming a falling wedge
The price of Doge has been forming a falling wedge the past few days, this pattern is technically bullish and the buying would be activated on the breakout of top trend. Dogecoin price fell from its high of forty cents, it couldn’t hold any supports created the previous week. The price was finally held up by the May one hundred, this level provided strong support for the price of Doge as it rallied nearly 70 percent off its low of 15 cents. For now, the support level is now set at about fifteen cents, the dip zone is phenomenal for new buyers and those who still want to buy more of the crypto.
Elon Musk said that the only thing hindering this coin from becoming the official currency of the Internet is its high concentration level among a few rich people. The price of Dogecoin could weaken even more in the upcoming days. The critical support levels are twenty and fifteen cents and thirty five cents. The price has gradually started on its own recovery journey, though there is no clear direction.
Speculators are better off being patient than pursuing an aggressive approach
It’s not impossible that there could be a continuous selling pressure which may lead to bearishness, regardless of whether investors jump on the current buy signal. There’s been a noticeable difference in the ownership structure. On April twenty second yesterday, Doge closed with a hammer candlestick pattern that triggered a buy signal.
Speculators are better off being patient than pursuing an aggressive approach. If a retest of the all time high occurs, those will need to overcome resistance of the sixty one point eight percent Fibonacci retracement at twenty nine cents.