Dogecoin is preparing for a big launch, according to the analyst, DOGE will rally 75%. Doge is preparing for a massive price hike after price returns to $0.20. According to analyst Jonathan Morgan, a bullish divergence is present, indicating the end of a downside move.
Dogecoin (DOGE) should not close below the $0.15 value area
Doge price continues to trade at the upper limits of a capitulation zone, something it has been doing since early December. Despite the bearish nature of Dogecoin’s price action, the bears have been unable or unwilling to push DOGE down. Dogecoin price must reach $0.20 to continue higher towards $0.35. According to the analyst, there are two main scenarios that could see the Dogecoin price repeat the price action it experienced in early 2021. The first is a hypothetical long entry at $0.20, a stop loss at $0.18 and a profit target of $0.35. This trading option will complete two purposes. First, a pair will confirm the breakout above the top. Second and most importantly, it will turn Dogecoin back into a bull market once the current bear market crosses the trend line. The hypothetical long setup will be invalid if the Dogecoin price returns to $0.155 before the entry. However, if a drop to $0.155 occurs, with a possible move and a sudden drop to the $0.09 value area, an undoubted capitulation move is on the horizon.
However, Dogecoin could move lower and develop a nasty-looking bear trap. If Dogecoin drops to $0.15, a Bullish Shakeout setup will occur. The Bullish Concussion is a rare and strong reversal pattern that ends downtrends and corrective movements. This move will need to be approved to ensure a possible installation is viable.