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Dogecoin was exchange lately, With its price movement increasingly shrinking in recent days between $ 0.15 and $ 0.16. This range increasingly narrows a broader consolidation movement since early April, which led to the creation of a triangle model on the chandelier time graph of 4 hours.
In the current state of things, Dogecoin tries to recover from previous losses in April, and a recent low point higher to an increasing upper activity which could send it by pushing above the higher trend line of the triangle model in the coming week.
Tardigrade Crypto Tardigrade analyst recently attracted attention To the structure of current Dogecoin prices in an article shared on the social media platform X, noting a converging triangle formation which reflects an increasing indecision on the market.
According to his analysis, the action of Dogecoin prices has gone from a clear decrease trend (visible throughout March and extending in the first week of April) in a state of consolidation which has persisted in the last two weeks.
Looking at the training of triangle which results in the chandelier delay chamber of 4 hours, it is easy to deduct that buyers and sellers are cautious. Buyers are reluctant to enter higher levels, while sellers do not seem to be ready to push the prices lower, creating a price for reduction in prices since April 15. The result is a compression of volatility, which could explode in both directions.
Picture From X: Tardigrade trader
As the Dogecoin price table shows, the same is now approaching the tip of the triangle. In this particular case, the structure leans Towards a bullish break, The market behavior showing signs of ascending pressure construction below the surface by an increase of 2.77% of the negotiation volume in the last 24 hours.
Delay Tardigrade projected an upward trend which cancels the trend at the end of March, following the classic model of a downward trend, an indecision and an upward trend.
A strong bullish candle that closes above the upper trend line of the triangle is important to validate the planned rise. The projection of delay Tardigrade shows that if such a decision occurs, Dogecoin could recover the level of $ 0.20 Within a relatively short time before the end of the month.
Dogecoin opened April at $ 0.166. As such, an updated escape that was followed by a sustained closure greater than $ 0.20 would mark a positive finish for Dogecoin in April.
Such a also positive monthly fence would probably influence the feeling of the market before May and could perhaps invite an increased purchasing activity. This would also help confirm that the Recent period of the scholarship is finished and helps to restore an upward structure.
When writing the time of writing of the present
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post url: https://altcoin.observer/dogecoins-price-tightens-in-the-triangle-with-a-closure-in-small-groups/