The trader known as “Balo” does not rule out that Doge can fall to 0.26 dollars.
The Trump administration favors the Memecoins market.
Dogecoin (Doge), the memecoin with greater market capitalization, continues with a price behavior that favors bullish expectations. This is despite its recent setback, in correlation with the Bitcoin brake (BTC) to new record contributions.
The Doge arrival at 1 dollar (USD) “It’s just a matter of time”holds the trader known in Internet forums as Balo. The specialist bases this projection on different aspects of technical analysis of the price chart, while the cryptocurrency remains quoting around USD 0.33.
With the recent price drop, Memecoin has formed a bullish flag. This figure is characterized by a strong upward movement, which is seen in the graph as if it were the burning of a flag, followed by a consolidation in a range of contributions below.
This pattern usually occurs as a support test before the price follows its ascending movement.
That is why This figure, which has formed in the price of Dogecoin as the following graph shows, is considered a bullish signalaccording to the technical analysis.
Doge would be about to enter a bullish wave
The tracer also reinforces its bullish projection for Dogecoin based on another well -known technical analysis indicator. This is Elliott’s theory of waves, which describes that asset prices move in predictable cycles based on market psychology.
According to this theory, the bullish trends generally consist of five waves, where waves 1, 3 and 5 are ascending and waves 2 and 4 are corrective. Followed by this behavior, the price usually enters a corrective phase of three waves, labeled such as A, B and C, which imply a setback, to which a rebound and another fall continues.
According to Balo, Doge’s price is currently in the last of these wavesthat is, in the C, as the following graph exhibits. This pattern usually completes with an upward movement that translates, according to this theory, in wave 1.
“Ola 4 was unusually shallow, but the context is still valid,” warns the trader from his perspective. In general, that wave is usually a correction greater than 2, although the specialist suggests that the general enthusiasm that is currently in the market may have prevented that.
As for the w wave that he currently sees, although he is greater than the A as normally happens, he considers that this may not have finished yet. As a support test, “the price of USD 0.29 is possible in the worst case,” he details.
However, he clarifies that, from his opinion, “Doge will never go down again from USD 0.26”. This has been the lowest level that touched the currency in the ABC sequence prior to the last five waves.
This analysis takes place while bullish expectations for the market for the entry of Donald Trump to the presidency of the United States. The president plans to convert economic power in the capital of the cryptocurrency industry and include bitcoin in the Federal Reserve.
Also, businessman Elon Musk, great Dogecoin enthusiast, is in charge of the government efficiency department created by Trump, whose follows are Doge. This organism uses on its website the logo of the iconic Viral Internet puppy of the Memecoin.
Trump has also launched his own memecoin days before his presidential assumption last week, which feeds interest in the market. With this panorama, as cryptootics reported, Hopes grow that Dogecoin reaches the goal of 1 dollar expected by their enthusiasts.
