Dogecoin positioned for massive spike towards $0.35
- Dogecoin price moves closer to the Kumo Twist in the Ichimoku Kinko Hyo system.
- Weekly Tenkan-Sen at $0.275 is the final resistance before a smooth ride towards $0.35 can occur.
- Buyers must invalidate the bearish divergences forming between the candlestick chart and the oscillators.
Dogecoin price has experienced stiff resistance over the past three trade sessions, with precise selling pressure as buyers pushed into the Cloud. However, participants continue to support Dogecoin and push higher towards a critical breakout zone.
Dogecoin price nears final resistance; bulls need to close Dogecoin above $0.275
Dogecoin price finds itself beelining towards a significant zone in the Ichimoku Kinko Hyo system known as the Kumo Twist. The Kumo Twist is where Senkou Span A crosses above/below (currently below) Senkou Span B. It is often the first warning sign of when a market will move and can establish the overall trend. But the Kumo Twist can also act as a kind of accelerant to price.
An explicit close of Dogecoin price above the 0.275 zone would fulfill all necessary bullish continuation pattern requirements. Moreover, that close would also likely create a rejection of the bearish divergences that have developed and are currently developing within the oscillators.
DOGE/USDT Daily Ichimoku Chart
Short sellers who wish to invalidate the current bullish momentum have a tough road ahead of them. First, sellers would need to close Dogecoin price below the $0.195 level. However, from $0.195, a flash crash could occur where we would see Dogecoin collapse towards the $0.10 value area.
Author
Jonathan Morgan
Independent Analyst
Jonathan has been working as an Independent future, forex, and cryptocurrency trader and analyst for 8 years. He also has been writing for the past 5 years.
