Hey friends, hope you are well, and welcome to the new update on Dogecoin.
3 major rallies:
In the recent past, the priceline of DOGE has 3 significant rallies. If we dig these rallies deeper then there are few common moves that can be found.
The 1st rally was in Nov 2020, when the price action moved 80% up and then retraced between 0.618 to 0.786 Fibonacci level, re-tested the EMA 10 and 21, and then started the next rally.
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The 2nd rally was from Dec to Jan, when the price action rallied 280% and then retraced between 0.618 to 0.786 Fibonacci level, re-tested the EMA 10 and 21, and then started the next rally.
Now recently we have witnessed the 3rd bullish move that is more than 1100%. This time again after the rally the price action of Dogecoin retraced between 0.618 to 0.786 Fibonacci level. So far the price action of DOGE did not re-test the exponential moving averages 10 and 21. But the EMAs 10 and 21 are again very close to the price action.
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A bullish harmonic Gartley move:
While the price action has again been retraced between 0.618 to 0.786 Fib level, it has formed a bullish reversal harmonic Gartley pattern on the 4-hour chart and entered in the potential reversal zone. There is a complete opened alligator’s mouth formation of simple moving averages with the time period of 25, 50, 100, and 200 below the buying zone as strong support.
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Conclusion:
Realistically as per the Fibonacci sequence of Gartley the price action has reached between 0.382 to 0.786 Fibonacci projection of A to D leg, but If the price action of Dogecoin will repeat the recent history then it can set a new high than the recent high.
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