DOGE/USDT Breakout the Descending channel. Upward Momentum ??
Updated
💎 DOGE's recent market performance has been quite notable. After breaking out of a descending channel, DOGE is now undergoing a retesting phase at the trendline of the same descending channel.
💎 If DOGE successfully bounces during this retesting phase, it probability could signal a continuation of the upward movement, potentially reaching a significant resistance target.
💎 However, should DOGE fail in its retesting phase — meaning the candle retreats back into the pattern — it may indicate a false breakout. In such a case, DOGE could retreat to the demand area to gather momentum for another attempt at breaking out.
💎 The demand area is a critical point for DOGE. A failure to hold this level and a breakdown of the demand zone could suggest a shift back to a bearish trend. DOGE needs to exhibit a bounce from this area to maintain a bullish outlook.
💎 If it breaks down through this demand zone, the next likely downward target would be the Bullish Order Block (OB) area, with a possibility of descending even further.
💎 If DOGE successfully bounces during this retesting phase, it probability could signal a continuation of the upward movement, potentially reaching a significant resistance target.
💎 However, should DOGE fail in its retesting phase — meaning the candle retreats back into the pattern — it may indicate a false breakout. In such a case, DOGE could retreat to the demand area to gather momentum for another attempt at breaking out.
💎 The demand area is a critical point for DOGE. A failure to hold this level and a breakdown of the demand zone could suggest a shift back to a bearish trend. DOGE needs to exhibit a bounce from this area to maintain a bullish outlook.
💎 If it breaks down through this demand zone, the next likely downward target would be the Bullish Order Block (OB) area, with a possibility of descending even further.
Trade closed: target reached
Spot on again! #DOGE has climbed 98.85%!
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