Dogecoin started to rise after the 'double bottom' formation
Dogecoin created a “double dip” formation, which is accepted as an upward signal in technical analysis. Doge, which makes the base between 0.157-0.158 dollars, rose to $ 0.161 and made a premium of over 2 %.
Dogecoin rose with a powerful technical model: Is there $ 0.17?
Dogecoin (DOME), the largest “breast coin ın of the crypto currency market, rose to $ 0.161 after completing the rise -oriented technical formation known as a double dip (Double Bottom). This corresponds to a daily earnings of over 2 %.
According to Coindesk data, after decreasing from 0.1663 dollars to $ 0.1567, he made a dip in the $ 0.157–0.158 band twice and then recovered steadily.
What is a double foot, why is it important?
The double -foot formation indicates that sales pressure in the market stands at a similar level twice and increases the power of buyers. For this formation to be considered valid:
The two bottom level should occur in nearby price ranges.
There must be a short -term rise between the two bottoms.
Then, with the movement from the second bottom, the top point of the first rise should be exceeded.
This level of Doge was determined as a $ 0.1605-0.1611 range. The exit above this level shows that the formation is completed and a signal of transition from bear to bull is given.
What do the technical indicators say?
🔹 13: 00–14: 00 volume increase between UTC, the second bottom formed at 0.157 levels.
🔹 In the morning of July 2, the price rose to $ 0.1611.
🔹 06:06 and 06:07 hours of 4.4 million and 6.0 million sudden purchase volumes were seen.
After reaching the local summit at 06: 14, there was a short -term withdrawal to 0.1606; Then recovered again at 06:56 at the level of $ 0.1611.
The graphic points to the rising channel formation and shows that the recipient interest continues in the short term.
However, the critical level is still not exceeded: $ 0.17
Analysts say that the medium -term decline trend for Dogecoin is not over without a permanent breakdown above $ 0.17. A overall decline structure that has been going on with lower peaks since mid -May is still valid.
Although the technical indicators in the short term are positive, the resistance level of $ 0.17 must be exceeded at the weekend to fully approve Doge’s “Bearish to Bullish” (from bear to Taurus).
