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The price of Dogecoin can grow by 20% in July thanks to this bull -free U -turning model

Bull model DOGE reached the goal of profit 79 times from a hundred in its financial history.

Dogecoin (Doge) looks ready to continue its rebound, despite the current cryptocurrency bear market. 79% of the probability that DOGE will continue to move to the rebound The DOGE price seems to draw a bottom in the form of "hit and a runaway turn" (Barr) - a technical pattern that indicates prolonged turning of the trend in the bear market. It consists of three successful phases: Lead-in, Bump and Run. In the Lead-in phase, the price is consolidated in a narrow and lateral range, which indicates a conflict of intermediate trends among investors. Then follows the BUMP phase, in which the price falls and is sharply restored, which leads to a price breakthrough determined by the RUN phase.

Day Graph of DOGE/USD price with a pattern "Barr Bottom". Source: TradingView It seems that Dogecoin is located in the jump phase, waiting for a breakthrough above the resistance of the falling line of the Barr Bottom trend. Suppose DOGE will break through above the specified price ceiling. Then, in accordance with the rules of technical analysis, we can expect growth to the initial level of Barr. Thus, the price of DOGE can reach $ 0.0941, which is 20% higher than June 27. It is noteworthy that the purpose of growth also coincides with the 50-week exponential sliding medium (50-week EMA; the blue line on the graph below).

weekly price schedule DOGE/USD with a 50-week EMA. Source: TradingView According to the report of the veteran of Thomas Balkovski, the “bottom” of Barr reached the goal of profit in 79% of cases. Interestingly, the stage of the pattern is usually brought an average of 55% growth, which means that the DOGE potential to reach $ 0.123 remains in force. Did Doge reach the bottom? Take off the price of Dogecoin to $ 0.0941 may not allow her to leave the bear trend due to a flurry of technical and fundamental factors. From a technical point of view, the DOGE price risks getting into a “bull trap”, since its trend has been directed up (over the past nine days it has already grown by almost 60%). It is noteworthy that the tendency to reduce the price of the coin is manifested due to the figure of a growing wedge in the charts of the lower timframe. In more detail, Doge is in the ascending trend inside the range, determined by two ascending, tapering lines of the trend, thus forming an ascending wedge. As a rule, such a technical configuration leads to a bear turn, which is confirmed when the price breaks below the wedge trend line. In this case, the price may fall by a value equal to the maximum distance between the upper and lower lines of the wedge trend.

Four -hour DOGE/USD schedule with a “growing wedge” configuration. Source: TradingView Potential points for the breakthrough of the upward DOGE wedge are in the range of $ 0.07- $ 0.08. Thus, the token can fall to the region $ 0.05- $ 0.06, if the wedge breakdown occurs, as expected, by 15% -25% of the current price levels. Related: Bear market of 2022 became the worst in history - Glassnode Fundamental factors, including raising rates of the federal reserve system and reduction of balance by $ 9 trillion, support the technical forecast for reduction in the short and medium term.

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7/1/2022